Stocks are moving sharply lower on Wall Street after new coronavirus cases in the U.S. hit their highest level in two months.

The S&P 500 fell 2.4% in late morning trading Wednesday, giving up its gains from earlier in the week.

Markets have been rallying in recent weeks on hopes that U.S. states and regions around the world could continue to lift lockdowns put in place to slow the spread of the coronavirus.

Cruise lines, which would stand to suffer greatly if travel restrictions are extended, were among the biggest losers. Energy stocks fell along with oil prices.