Cozumel, Mexico, Cruise Port Pier, docked

Cozumel, Mexico, Cruise Port Pier (Jeffrey Greenberg/Getty Images)

Cruise stocks take on water during big market sell-off

Major cruise lines are among the worst-performing stocks in the S&P 500 as the market sells off.

3/4/25 1:06PM

Cruise stocks have been some of the hardest hit in today’s sell-off, with shares of Carnival, Royal Caribbean, and Norwegian Cruise Line all slipping more than 6% in recent trading. The sharp drop comes as tariff concerns and economic uncertainty continue to rock the market, which could put pressure on discretionary spending like cruises.

Last month, cruise stocks tumbled after US Commerce Secretary Howard Lutnick suggested that cruise operators could soon be required to pay taxes.

Cruise lines have thrived after emerging from the pandemic, reporting record bookings and higher revenues per passenger as more Americans set sail. Royal Caribbean, Norwegian, and Carnival have all more than doubled their annual revenue over the past two years.

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