The Latest: Travel industry shares plummet on Trump ban

NEW YORK (AP) — The Latest on the action in the financial markets (all times local):

8:30 a.m.

Shares of companies in the travel sector continue to struggle amid the virus outbreak as demand weakens. President Donald Trump’s 30-day ban on most Europeans entering the United States seemed to heighten investors’ concerns.

Airline stocks such as Delta, Jet Blue and American Air Lines fell approximately 9% to 15% in premarket trading. In Europe, shares are down roughly 6% to 9% for airlines including Lufthansa, Air France and Ryanair.

Aside from Trump’s travel ban, the industry has started to reduce flights and implement hiring freezes as it looks for ways to reduce costs. Many businesses are telling employees not to travel and major sporting events and conference are being canceled or are proceeding with restricted access.

Shares of cruise operators like Carnival and Norwegian Cruise Lines dropped about 10% to 12% before the U.S. market opens, while stocks for hotel companies declined about 5% to 10%.

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8:15 a.m.

Dow Jones futures are down more than 1,000 points as U.S. stock markets brace for more losses Thursday after President Donald Trump’s speech on the coronavirus outbreak seemingly failed to ease investors’ concerns.

Futures for the Dow Jones Industrial Average were showing a drop of 5%, or 1,194 points. Futures for the S&P 500 declined 5%, or about 138 points.

On Wednesday, the Dow dropped 1,464 points, dragging it 20% below the record set last month and putting the index in a bear market. If the S&P 500 closes down more than 1%, than would put the index in bear market territory and bring an end to the longest bull market in U.S. history.

Overseas markets suffered steep losses. Most stock markets in Asia fell more than 3% and markets in Europe are seeing declines of 6% or more.

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