The airline, cruise and retail industries were taking the brunt of the losses in Thursday's selloff as troubling spikes in coronavirus infections in some states weighed on markets.
Arizona saw new cases rise from about 200 infections a day in late May to more than 1,400 a day this week. Arizona has also seen an uptick in cases, hospitalizations and deaths, according to New York Times data.
While hotspots like New York, New Jersey, Illinois and others continued to show a decrease in infection rates, states like California, Texas, Florida, Arizona and others were showing an increase in cases.
The outlook for businesses reliant on a return to societal normalcy, like the retail, travel and vacation industries, was dimmed by the data.
U.S. Global Jets EFT (JETS) - Get Report, the only pure-play airline ETF, dropped 10.15% Thursday as United Airlines (UAL) - Get Report, American Airlines (AAL) - Get Report, and Delta (DAL) - Get Report were all down double digits. JETS rose 9% as recently as Monday.
Cruise lines were also hit hard Thursday.
The cruise industry was especially vulnerable to Thursday's selloff with those three stocks all climbing by triple digits from their 52-week lows in recent sessions.
Not even online retailers were able to escape Thursdays decline with the Amplify Online Retail ETF (IBUY) - Get Report falling 4% and the ETFMG Prime Mobile Payments ETF (IPAY) - Get Report falling 4.5%.
Brick-and-mortar retailers fell big too, with Macy's (M) - Get Report declining 13%, Kohl's (KSS) - Get Report falling 9.5%, Nordstrom (JWN) - Get Report declining 9% and Gap (GPS) - Get Report falling 9%.
The Dow fell 4.6%, the Nasdaq declined 3% and the S&P 500 fell 3.9% in midday trading Thursday.