Inflation and surging energy prices are throwing a wrench into summer vacation plans, but Americans aren't unpackaging their bags just yet. Instead of canceling their getaways, travelers are completely reshaping how they travel to make their dollars stretch further.

Recent volatility in U.S. equity markets underscores a risk that strategists at JPMorgan Chase & Co. have been highlighting: “extreme crowding” in stocks that have seen significant rallies this year.

Expedia shares jumped 15.8% in premarket trading on Friday after the online travel giant projected higher revenue and margin growth for 2025, fueled by robust bookings from its business clients.