Why is the Flight Centre (ASX:FLT) share price tumbling 6% to a 2-month low?

It's not a good day for the Flight Centre share price. Here's why.

The Flight Centre Travel Group Ltd (ASX: FLT) share price is in a nosedive today, alongside many of its ASX travel peers.  

As my Foolish colleague Tristan reported earlier today, the dip coincides with yet another outbreak of COVID-19 in the Northern Hemisphere.

At the time of writing, the Flight Centre share price is $18.61, 5.77% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is down 0.3%, as is the All Ordinaries Index (ASX: XAO).

Let's take a look at what might be weighing on Flight Centre's stock on Monday.

qantas pilot putting hands to her face as if distraught

Image source: Getty Images

Flight Centre share price slumps on Monday

It's a tough day to be a Flight Centre shareholder as the company's share price plunges to its lowest point since September.

It comes as the United States recorded a 16.1% week-on-week increase in new COVID-19 cases last week.

Meanwhile, the BBC reports Austria has been plunged back into lockdown as the nation makes it a legal requirement to be vaccinated against COVID-19 by February.

At the same time, multiple European countries are reportedly experiencing record numbers of daily infections. Belgium has recently tightened its mask restrictions in a bid to quash the rise in cases there.

The increase comes as the northern half of the globe prepares for winter to take hold.

Closer to home, at least Flight Centre's stock isn't alone in its tumble.

The share price of its fellow travel agency Webjet Limited (ASX: WEB) slipped 3% to trade at $5.73 today.

Qantas Airways Limited (ASX: QAN) is also in the red, plunging 3.83% to $5.27 at the time of writing.

Right now, the Flight Centre share price is 17% higher than it was at the start of 2021. However, it is more than 8% lower than it was this time last month.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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