Why Airline Shares Are Falling Today

The headlines surrounding the COVID-19 pandemic continue to drag on markets, quashing any lingering hopes that the airline sector will enjoy a quick turnaround. The U.S. hit a grim milestone on Thursday as the number of confirmed cases passed the 3 million mark, leading airline shares to lose altitude.

Shares of United Airlines Holdings (NASDAQ: UAL) were down 6.7% as of 11:30 a.m. EDT, while shares of American Airlines Group (NASDAQ: AAL), Delta Air Lines (NYSE: DAL), JetBlue Airways (NASDAQ: JBLU), Spirit Airlines (NYSE: SAVE), Hawaiian Holdings (NASDAQ: HA), and Allegiant Travel (NASDAQ: ALGT) were all down more than 5%.

Even the relative winners in the sector were underperforming the broader markets, with shares of Southwest Airlines (NYSE: LUV) and Alaska Air Group (NYSE: ALK) each down more than 3% apiece.

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Source Fool.com