Opening Bell: December 19, 2025

Consumer Spending & Travel Industry Trends - The consumer is perceived as strong and expected to drive economic activity [1] - Discretionary spending is evident in travel bookings with companies like American Express booking United, Delta, and Marriott [1] - Carnival's performance is positive, with guidance for the next year at 248 streets versus 242 [2] - Southwest Airlines, Marriott, and Airbnb are experiencing upgrades month-to-date [3] - Viking Holdings' stock is up 59% this year, indicating strong performance in the cruise sector [5] Company Performance & Valuation - Carnival cruises are considered a value option [3] - Viking cruises cater to a wealthier demographic with no children allowed [4]