Why Carnival, Royal Caribbean, and TripAdvisor Stocks All Dropped Today
President Trump thinks it's time to start thinking about "reopening the country." Stock investors are cautiously optimistic on the idea, and the S&P 500 was up a fraction of 1% as of 12:20 p.m. EDT on Thursday. But cruise stocks, including Carnival (NYSE: CCL), and Royal Caribbean Cruises (NYSE: RCL), were down 6.1% and 7.2%, respectively. Cruise reviewer TripAdvisor (NASDAQ: TRIP) was down as well, by 4.9%.
Image source: Getty Images.
Let's begin with the macroeconomic news. Globally, the coronavirus remains rampant, with Johns Hopkins University reporting nearly 2.1 million total cases of COVID-19 worldwide (640,000 in the U.S. alone), and nearly 140,000 deaths. Reports of new infections are also up for the second straight day, both in the U.S. and worldwide, after falling for three straight days previously.
Source Fool.com
