Airbnb Inc. (ABNB) had a rough Wednesday afternoon, caught in a broader technology selloff that hammered growth stocks across Wall Street. By midday, the Nasdaq-100 had shed more than 1.5% in its weakest session in nearly a month, with semiconductor and software names leading the way down.

But Airbnb's troubles weren't just about tech sector contagion. A couple of bigger macro headaches are making investors nervous about what comes next for travel demand.

The Tariff Wild Card

First up: tariff uncertainty. Investors are on edge ahead of a closely watched Supreme Court ruling on the legality of President Donald Trump's tariffs. Here's the twist—prediction markets are putting only a 35% odds on those levies being upheld. That means there's a good chance we're headed for more confusion around global trade policy, cross-border travel flows, and discretionary consumer spending. All of which happen to be critical drivers of Airbnb's business model.

When people don't know whether international travel is about to get more expensive or complicated, they tend to hit pause on booking that villa in Tuscany. Not great for a platform that depends entirely on people clicking "reserve."

Oil Prices Aren't Helping Either

Meanwhile, West Texas Intermediate crude just notched its sixth consecutive day of gains, climbing above $62 a barrel. Geopolitical tensions tied to Iran are lifting energy stocks, but higher oil prices mean higher airline and transportation costs. That's a direct headwind for leisure travel, and it can absolutely weigh on booking volumes across Airbnb's platform.

Remember, Airbnb operates a global marketplace connecting hosts with short-term rental properties to guests looking for places to stay. The company makes money by charging service fees on each booking. So when travel demand softens—whether because flights got pricier or consumers are feeling cautious—Airbnb feels it immediately.

Growth Scores vs. Near-Term Weakness

Despite the selloff, market data shows Airbnb carries a Growth score of 63.21, which outpaces its Momentum score of 43.57 and Value score of 37.81. That suggests the long-term growth story is still intact, even if the stock is getting roughed up in the short term.

February Earnings Will Be Key

All eyes now turn to Airbnb's earnings report scheduled for February 12. This one matters because it'll show whether the company can navigate these crosscurrents and keep its growth trajectory on track.

Here's what Wall Street is expecting:

• EPS Estimate: 66 cents, down from 73 cents a year ago. That year-over-year decline puts pressure on Airbnb to demonstrate that its growth strategies are still delivering profitable results.
• Revenue Estimate: $2.71 billion, up from $2.48 billion last year. If Airbnb hits that number, it would validate the optimistic view that the company's market positioning and growth engine remain strong.
• Valuation: Trading at a P/E of 33.4x, Airbnb commands a premium multiple. That suggests investors are betting on the company's ability to leverage data and AI capabilities to drive future growth, even as near-term headwinds swirl.

Wednesday's Damage

Airbnb shares closed Wednesday down 5.20% at $132.79. The question now is whether this is just a temporary dip tied to macro jitters, or the start of something more concerning as tariff drama and rising fuel costs crimp travel budgets heading into the spring booking season.