Stocks tied to an economic reopening slump as investors worry about a 2nd wave of coronavirus
- Stocks that've surged in recent weeks on hopes of a US economic reopening and recovery plunged Thursday.
- Investor confidence in airlines, cruise lines, and retailers waned as fears of a second wave of coronavirus cases mounted.
- Here's how much a group of stocks tied to the economic reopening fell.
- Read more on Business Insider.
Stocks tied to the US economy reopening slid Thursday as fears of a second wave of coronavirus cases mount.
Shares of airlines, cruise lines, and retailers were part of a broader market sell-off Thursday as investor confidence fell amid an uptick in new COVID-19 cases since the US economy reopened.
The same stocks had surged recently on hopes that the US reopening would lead to a rise in demand and start a swift economic recovery from the shock of lockdowns that began in mid-March to control the disease.
But about a week after all 50 states relaxed some of their coronavirus lockdown restrictions to reopen parts of their economies, a spike in new coronavirus cases has ignited fears of a second wave.
This week, new cases of coronavirus rose in Florida, Texas, Arizona, and California, bringing the total US count to more than 2 million. A second wave could further devastate the US economy, already hit hard by the coronavirus crisis.
Here's how much some airline, cruise line, and retail company stocks slumped on Thursday at intraday lows:
Airlines
Cruise lines
- Royal Caribbean Cruises (RCL) - 15%
- Norwegian Cruise Line Holdings (NCLH) - 20%
- Carnival Corporation (CCL) - 19%
Retailers