Why Airline Shares Are Down Today
Monday is another rough day for the markets, and airline stocks are getting caught up in the downdraft. Shares of Spirit Airlines (NYSE: SAVE) traded down as much as 9%, as of 1:36 p.m. ET, and shares of Delta Air Lines (NYSE: DAL), American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), and JetBlue Airways (NASDAQ: JBLU) were each down 5% or more.
Fear is in control on Wall Street right now, with the S&P 500 falling more than 2% intraday and hitting its lows for the year. Investors are worried the Federal Reserve's effort to combat inflation will lead to an economic slowdown. There are also reports of localized surges in new COVID-19 cases, a reminder that the pandemic is not yet behind us.
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Source Fool.com
