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United and Carnival Tumble as Travel Shares Hammered in Selloff

Travel and retail stocks are down double-digits across the board Thursday as U.S. stocks fall sharply.
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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 US Global Jets ETF Report, the only pure-play airline ETF, dropped 10.15% Thursday as United Airlines  (UAL) - Get United Airlines Holdings, Inc. Report, American Airlines  (AAL) - Get American Airlines Group, Inc. Report, and Delta  (DAL) - Get Delta Air Lines, Inc. Report were all down double digits. JETS rose 9% as recently as Monday. 

Cruise lines were also hit hard Thursday. 

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Royal Caribbean  (RCL) - Get Royal Caribbean Cruises Ltd. Report shares fell 10% to $57.24, Carnival  (CCL) - Get Carnival Corporation Report dropped 14% to $17.70 and Norwegian  (NCLH) - Get Norwegian Cruise Line Holdings Ltd. Report declined 15% to $17.60.

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 Amplify Online Retail ETF Report falling 4% and the ETFMG Prime Mobile Payments ETF  (IPAY) - Get ETFMG Prime Mobile Payments ETF Report falling 4.5%. 

Brick-and-mortar retailers fell big too, with Macy's  (M) - Get Macy's Inc Report declining 13%, Kohl's  (KSS) - Get Kohl's Corporation (KSS) Report falling 9.5%, Nordstrom  (JWN) - Get Nordstrom, Inc. (JWN) Report declining 9% and Gap  (GPS) - Get Gap, Inc. (GPS) Report falling 9%. 

Target  (TGT) - Get Target Corporation Report was a bright spot, rising 0.3% Thursday. 

The Dow fell 4.6%, the Nasdaq declined 3% and the S&P 500 fell 3.9% in midday trading Thursday.