S&P 500 top movers: Cruise liner and airline stocks suffer heavy losses

S&P 500 Index is down more than 2% on Monday.
Major cruise liners' stocks are losing between 9% and 12%.
American Electric Power Company Inc (AEP: NASDAQ) shares are up nearly 2%.

Eren Sengezer FXStreet

Wall Street's main indexes opened deep in the negative territory on Monday and continue to push lower in the second half of the session. As of writing, the S&P 500 Index was down 2.7% on a daily basis at 3,372.

S&P 500 top movers

The sharp increase witnessed in confirmed cases of coronavirus globally weighs on market sentiment and the stocks of major cruise liners and airlines.

As of writing, Royal Caribbean Cruises Ltd (RCL: NYSE) was the biggest daily percentage decliner of the day with its shares losing 12.4% at $56.40. Moreover, the Norwegian Cruise Line Holdings Ltd (NCLH: NYSE), Carnival Corp (CCL: NYSE), Alaska Air Group Inc (ALK: NYSE) and United Airlines Holdings Inc (UAL: NASDAQ) shares are down between 10.3% and 8.65%.

On the other hand, American Electric Power Company Inc (AEP: NASDAQ) is the top performer of the day after the company announced that it signed a letter of intent with BQ Energy Development to purchase 100% offtake of Columbus Solar Park. The company further noted that it expects the solar energy facility to be operational by December 2022. Boosted by this announcement, AEP is up 1.6% on the day at 93.35.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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