Why Carnival, Canopy Growth, and Carvana Stocks Dropped Today
Shares of Carnival (NYSE: CCL), Canopy Growth (NASDAQ: CGC), and Carvana (NYSE: CVNA) -- as well as many stocks not starting with the letter "C" -- dropped in early afternoon trading Friday. As of 1:10 p.m. ET, Carnival stock's down 3.2%, Canopy 3.5%, and Carvana a jaw-dropping 12%.
The implosion of Silicon Valley Bank, and the sell-off among banks in general, is part of the reason stock market investors are spooked today. The reason why Carnival, Canopy, and Carvana, however, are dropping, can be traced to a more proximate cause: interest rates are probably heading higher.
As you've probably heard by now, there are two big macroeconomic stories in the news today. SVB Financial's meltdown is one. The other is jobs, and specifically, the Department or Labor's announcement that in February, non-farm jobs grew by 311,000 in the U.S.
Source Fool.com
