MGM Resorts International (MGM) stock is soaring in intraday trading, with shares up 12.37% following President Trump's announcement of a 90-day pause on reciprocal tariffs for all trading partners except China. This move has sparked a broad rally in leisure-focused stocks, particularly benefiting casino operators.

The surge in MGM's stock price is part of a wider trend in the leisure sector. Other casino stocks are also seeing significant gains, with Caesars Entertainment and Boyd Gaming rising 10% and 9% respectively. The positive sentiment has extended to other segments of the travel industry, with cruise lines and hotel chains also experiencing substantial stock price increases.

This rally marks a sharp reversal from the recent selloff in hotel, cruise, and casino shares. Investors had previously been concerned that Trump's earlier tariff plans, announced last Wednesday, would dampen consumer sentiment and negatively impact demand for travel and leisure companies. However, the new tariff pause has alleviated these concerns, leading to renewed optimism in the sector.