(Bloomberg) -- Investors are running away from companies that stand to benefit from a return to normalcy as Covid-19 cases mount in the U.S. and the virus wreaks havoc in Europe. 

Cruise ship operators ,  Carnival Corp. and Royal Caribbean Cruises Ltd. each fell more than 4.2% in early trading Friday, while Norwegian Cruise Lines Holdings Ltd. dropped 2.5% as investors piled into less risky assets. The S&P 500 Index, by contrast, is little changed. 

Airlines and hotels are also among the worst performers in the stock market, with operators ranging from United Airlines Holdings Inc. to Delta Air Lines Inc. slumping alongside lodging stocks including Hilton Worldwide Holdings Inc. and Hyatt Hotels Corp.

The selloff in companies tied to consumers spending money on travel has accelerated over the past two weeks as reports of surging cases in Europe and hot spots in the Mountain West fueled worries about what could lie ahead this winter. 

Travel-exposed stocks account for 14 of the 20 worst performers in the S&P 500 since Nov. 5 when cracks first started to show for the latest wave of Covid’s spread. Norwegian Cruise is down 21% since then while Carnival and Royal Caribbean have fallen more than 15%, and MGM Resorts Intl., Southwest Airlines Group Inc., and United Airlines have dropped around 13%. That compares to a roughly 0.3% rise for the broader S&P 500 over the same time frame.

Ride sharing stocks slumped with Uber Technologies Inc. tumbling 2.8% and Lyft Inc. falling 3.9%. While movie theater operators Cinemark Holdings Inc. slumped 3.6% and AMC Entertainment Holdings Inc. was down slightly.

One area of strength is beaten-down pandemic beneficiaries like Zoom Video Communications Inc. and Peloton Interactive Inc., which are higher.

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