By Chelsey Dulaney
Cruise operators, airlines and bank stocks fell Monday, while energy companies rallied.
As markets brace for a more protracted conflict in the Middle East, investors are rushing to identify the winners and losers from the most severe shock to energy markets since the 1970s.
-- Travel companies led losses in U.S. trading. Shares in cruise operator Carnival dropped nearly 7% while Norwegian Cruise Line was down about 3%. Airline stocks dropped too, with American Airlines falling more than 5% and Delta Air Lines down 4%. The companies are likely to face higher fuel costs, which could drag down profits.
-- Mining companies were hit by a selloff in metals prices. Newmont and Freeport-McMoRan, which mine gold and other metals, fell more than 4%. Gold normally benefits from periods of market stress and inflation, but is being hit by a broad reversal in popular trades.
-- Bank stocks fell. JPMorgan Chase and Goldman Sachs both declined almost 2%, while Citigroup lost more than 3%. The energy shock threatens to weigh on the broader economy.
-- Energy shares climbed. Exxon Mobil and Chevron edged higher, as did Diamondback Energy and ConocoPhillips.
-- Fertilizer maker CF Industries added about 1%. The halt in traffic through the Strait of Hormuz-a critical passage for fertilizer and other commodities like oil-is expected to constrain supplies and lift prices.
-- In Europe, industrial companies like turbine-maker Siemens Energy and steel-producer ArcelorMittal led losses. Higher energy costs are likely to hurt profits. Bank stocks like the U.K.'s Barclays also declined.
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(END) Dow Jones Newswires
March 09, 2026 09:51 ET (13:51 GMT)
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