{"id":65692,"date":"2023-09-26T14:18:07","date_gmt":"2023-09-26T18:18:07","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/airline-stocks-fall-again-with-southwest-and-jetblue-shares-at-multiyear-lows\/"},"modified":"2023-09-26T14:18:10","modified_gmt":"2023-09-26T18:18:10","slug":"airline-stocks-fall-again-with-southwest-and-jetblue-shares-at-multiyear-lows","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65692","title":{"rendered":"Airline stocks fall again, with Southwest and JetBlue shares at multiyear lows"},"content":{"rendered":"
\n

The airline sector was suffering another broad selloff Tuesday, amid worries over how a government shutdown will hurt the industry and as falling ticket prices raise concerns over profitability.<\/p>\n

The U.S. Global Jets ETF
\n JETS
\n dropped 1.2% in afternoon trading toward a fifth-straight loss and the lowest close since Dec. 28, 2022. The ETF was also in danger of its fourth-straight weekly loss, and ninth weekly loss over the past 10 weeks.<\/p>\n

\n

Among the hardest hit air carrier stocks during the recent selloff were those of more domestic-focused air carriers.<\/p>\n

Southwest Airlines Co.\u2019s stock
\n LUV,
\n -3.04%<\/bg-quote>
\n sank 2.8% toward the lowest close since May 15, 2020, according to Dow Jones Market Data. The stock has dropped 9.9% amid a seven-day losing streak, and has tumbled 15.9% over a 19-session stretch in which it has declined 16 times.<\/p>\n

Shares of JetBlue Airways Corp.
\n JBLU,
\n -1.46%<\/bg-quote>
\n fell 1.0%, and was on track for the lowest close since May 22, 2012. They were headed for an eighth-straight selloff, which would be the longest such streak since the nine-session stretch that ended March 23, 2020.<\/p>\n

Elsewhere, Alaska Air Group Inc.\u2019s stock
\n ALK,
\n -1.12%<\/bg-quote>
\n slipped 0.8% toward the lowest close since Oct. 29, 2020, and Hawaiian Airlines parent Hawaiian Holdings Inc. shares
\n HA,
\n -4.12%<\/bg-quote>
\n dove 3.3% toward the lowest close since July 8, 2013.<\/p>\n

Meanwhile, shares of American Airlines Group Inc.
\n AAL,
\n -1.20%<\/bg-quote>
\n lost 1.1% toward a five-month low, of Delta Air Lines Inc.
\n DAL,
\n -1.70%<\/bg-quote>
\n slumped 1.5% toward a four-month low and of United Airlines Holdings Inc.
\n UAL,
\n -0.84%<\/bg-quote>
\n gave up 0.6% toward a five-month low.<\/p>\n

If Congress fails to pass legislation to renew funding by Sept. 30, and the federal government shuts down, Deutsche Bank\u2019s Michael Linenberg said the airline industry could be hurt in more ways than one.<\/p>\n

For one, thousands of non-essential Federal Aviation Administration employees would face leave of absences, airport construction would grind to a halt and FAA-certification programs would be delayed, Linenberg wrote in a recent note to clients.<\/p>\n

In addition, while air traffic controllers are deemed essential government employees and therefore would remain working during a shutdown, air traffic controller training would be halted, which would exacerbate the current situation in which rosters are \u201cseverely understaffed,\u201d Linenberg noted.<\/p>\n

What has also been weighing on airline investor sentiment, is that while overall system sales remain positive, prices continued to fall, declining 2.7% in the past week after being down 2.0% the week before, with both domestic and international flights seeing weakness, as BofA Securities analyst Andrew Didora noted.<\/p>\n

Also, international leisure sales, which had been a source of strength, have decelerated for a seventh-straight week. \u201cWe see the decelerating trend as a normalization of international leisure demand following considerable outperformance versus domestic through much of the year,\u201d Didora wrote.<\/p>\n

Lower prices at a time that fuel prices are rising also fueled concerns over <\/p>\n

The Jets ETF has lost 1.1% year to date, while the S&P 500 index
\n SPX
\n has rallied 11.4%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The airline sector was suffering another broad selloff Tuesday, amid worries over how a government shutdown will hurt the industry and as falling ticket prices raise concerns over profitability. The U.S. Global Jets ETF JETS dropped 1.2% in afternoon trading toward a fifth-straight loss and the lowest close since Dec. 28, 2022. The ETF was […]<\/p>\n","protected":false},"author":1,"featured_media":65693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-65692","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nAirline stocks fall again, with Southwest and JetBlue shares at multiyear lows | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The airline sector was suffering another broad selloff Tuesday, amid worries over how a government shutdown will hurt the industry and as falling ticket\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=65692\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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