NEW YORK (AP) — Stocks around the world are falling amid worries about a resurgence in global infections of COVID-19 related to more contagious coronavirus variants.
The benchmark S&P 500 was 1.9% lower in Monday morning trading, and Treasury yields sank sharply as investors scrambled to move into areas of the market seen as safer.
Airlines, hotels, and other companies that are seen as most at threat by COVID-19 restrictions had the sharpest drops.
Shares of American Airlines and United Airlines fell more than 6% Monday, Delta Air Lines fell about 5%, and Southwest is off more than 4%.
Shares of cruise lines fell to levels last seen before vaccines were available in the U.S. Carnival tumbled more than 5%, as did Norwegian Cruise Line.
The hotel sector was hammered as well and shares of Airbnb fell, too.
European markets were also taking bigger losses of nearly 3%.
The price of benchmark U.S. crude fell about 5% after major oil-producing nations agreed to eventually allow for more oil production this year.