Valuation Trends: Val. Trends #936: Celebrating Independence Day 2026

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Valuation Trends: Val. Trends #936: Celebrating Independence Day 2026

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Valuation Trends

Val. Trends #936: Celebrating

Independence Day 2026

Industry Overview

Fourth of July resilient amid World Cup 29 June 2026

Domestic air travel demand in the U.S. remains robust despite concerns on elevated Equity

airfares related to increased fuel prices. TSA screenings for the last seven days (through Americas

July 25th) totaled 19.4mn travelers, down 1% Y/Y. In the seven days leading up to the Aerospace/Defense

Fourth of July, TSA expects to screen >18.7mn travelers, up from 18.5mn last year in Ronald J. Epstein

part due to added World Cup related traffic. Research Analyst

BofAS

Old Glory and Happy Independence Day +1r.epstein@bofa.com646 855 5695

Due to the Fourth of July holiday, we thought we would reminisce on the origins of the Mariana Perez Mora

American flag. On June 14, 1777, in Philadelphia, the Marine Committee of the Second ResearchBofAS Analyst

Continental Congress adopted a resolution that read as follows: "Resolved, that the flag +1 646 855 5696

mariana.perezmora@bofa.com

of the United States be thirteen stripes, alternate red and white; that the union be

Alexander Preston

thirteen stars, white in a blue field representing a new constellation." Research Analyst

The origin of the first American flag is unknown +1alexander.preston@bofa.com646 855 3599

According to PBS, the origin of the first American flag is unknown. Some historians

believe it was designed by New Jersey Congressman Francis Hopkinson and sewn by

Philadelphia seamstress Betsy Ross. The name Old Glory was given to a large, 10-by-

17-foot flag by its owner, William Driver, a sea captain from Massachusetts. Inspiring