Daily Rundown

November 5, 2025

Chart of the Day

Number of the Day

0.8 - Year-over-year percentage change in Marriott's average daily room rate in the third quarter, the smallest increase since the first quarter of 2021

Quote of the Day

"...the Taco Bell business continues to take share in the U.S. A lot's been written about the consumer. We're not seeing consumer pullback in the Taco Bell business." - Yum! Brands CEO Chris Turner

Tuesday's Highlights

Marriott revenue per available room (Q3) fell by 0.2 percent year-over-year, the first decline since 2021. The occupancy rate ticked lower, as well.

Yum! Brands same-store sales (Q3) rose by 3.0 percent year-over-year, led by a 7.0 percent increase at Taco Bell.

Quick Commentary

The travel boom of earlier this decade has cooled off considerably, as airline load factors and hotel occupancy rates are now both slipping. This trend represents both a diminishing tailwind to economic growth and a developing source of disinflation; note that the CPI's airfare and hotel/motel components are both well off of their highs of a few years ago.

Today's Highlights

ISM services survey

ADP employment

Household debt and credit

Mortgage applications

Daily Trivia

At the behest of Washington state politicians, what industry was bailed out by the U.S. government in 2000 in response to fading demand and growing import competition?

(Tuesday's Question: What is the only S&P 500 industry group that is up by less than 10.0 percent since the current bull market began in 2022? Answer: Energy)