US Stock Market Move | Cruise and airline stocks fell, with American Airlines Group Inc. (AAL.US) dropping nearly 5%.

On Monday, cruise and airline stocks fell. As of the time of writing, Royal Caribbean Cruises (RCL.US) dropped more than 3.9%, Carnival Corporation (CCL.US) fell more than 3.8%, Norwegian Cruise Line Holdings Ltd. (NCLH.US) dropped more than 3%, American Airlines Group Inc. (AAL.US) fell nearly 5%, Delta Air Lines, Inc. (DAL.US) dropped more than 4.4%, United Airlines Holdings, Inc. (UAL.US) fell more than 6.8%. On the news front, Goldman Sachs Group, Inc. has significantly increased the probability of the U.S. economy entering a recession in the next 12 months from the previous 20% to 35%. This pessimistic expectation is mainly due to the "tariffs on an equal basis" policy that the Trump administration is set to announce on April 2nd. Goldman Sachs Group, Inc. expects this policy to impose an average 15% tariff on all U.S. trading partners, causing the U.S. average tariff rate to increase by 15 percentage points, higher than the previous forecast of 10 percentage points. Goldman Sachs Group, Inc. warned: "We have raised the probability of a recession reflecting our lower economic baseline expectations, a sharp deterioration in household and business confidence, and White House officials indicating they are more willing to tolerate short-term economic weakness to achieve their policy goals."