In March 1999, Priceline.com, the company now known as Booking Holdings Inc. (NASDAQ:BKNG), went public. Few knew it would reshape travel and capture roughly 40% of the global online travel agency market.

Fast forward to October 2026, and something unprecedented is happening.

The stock has fallen for eight straight weeks, tying its longest losing streak since the IPO. At $157.36 on Tuesday, down 1.04% this week, it is on track for a ninth decline, which would set a new record.

Since the Aug. 7 weekly close of $214.42, shares have lost 26.6%. They sit 31.6% below the all-time closing high of $230.13 set on July 7, 2025.

Three pressures stacked up.

On Sept. 9, the EU General Court upheld the block of the eTraveli deal. Brent oil above $100 raised airfare worries. Investors also fear that AI booking agents could squeeze the commissions online travel agencies charge.

Booking is a holding of The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY).

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