Why Cruise Line Stocks Sank Ahead of the Fed's Announcement on Wednesday
In fact, travel industry stocks in general were falling, despite the market overall climbing slightly. Carnival (NYSE: CCL) dropped by as much as 6.2% in early trading, Royal Caribbean Cruises (NYSE: RCL) slid by 7.2%, and Norwegian Cruise Line (NYSE: NCLH) fell as much as 4.9%. The Federal Open Market Committee is expected to announce another 75-basis point increase in the benchmark federal funds interest rate Wednesday afternoon, but that's not all the market is looking at.