Why Shares Of Penn National Are Trading Higher Today

Penn National Gaming, Inc. PENN shares are trading higher alongside several other hotel, restaurant & leisure companies stocks rebound following last week's selloff. The sector has experienced volatility amid Fed policy tightening measures which may lead to a slowdown in economic growth and consumer spending.

A preliminary reading earlier this month that was pivotal in influencing the Fed to get more aggressive with its rate hike showed inflation expectations at 5.4%, according to CNBC.

Penn National Gaming Inc is the operator of gaming and racing properties and video gaming terminal operations in the U.S. It operates retail sports betting across the company's portfolio, as well as online sports betting, online social casino, bingo, and online casinos.

The stock was trading about 11.3% higher at $31.74 per share on Friday at the time of publication.