Fun-money companies like DoorDash take a beating as investors bet consumers will tighten up

Wall Street appears to have its doubts that people will keep up their “let’s order a taxi for a burrito” habits much longer.

Consumer discretionary was the worst sector in the S&P 500 on Thursday, and companies that largely rely on “fun money” experienced some notable sell-offs. DoorDash posted its worst day since last May, closing down more than 7%. Delivery app rivals like Uber, Lyft, and Instacart were also down about 2% each.

Airbnb fell more than 5% on the day, and travel peers Expedia and Booking also took a dive. Carnival and fellow cruise companies also closed squarely in the red.

With layoffs surging to levels not seen in five years (largely led by DOGE cuts), investors are shying away from anything that relies on folks tossing around extra cash.