Why Airline Shares Are Losing Altitude Today

Congressional lawmakers are preparing to leave Washington, and any hopes of a second stimulus package prior to the election are exiting with them. Meanwhile, the stats on new COVID-19 cases continue to rise.

That's weighing on airline stocks on a gloomy day for broader markets. Shares of Spirit Airlines (NYSE: SAVE) are leading the sector down, off by 7.8% as of 11:30 a.m. EDT; while shares of United Airlines Holdings (NASDAQ: UAL), Alaska Air Group (NYSE: ALK), American Airlines Holdings (NASDAQ: AAL), and Delta Air Lines (NYSE: DAL) are all down 5% or more.

JetBlue Airways (NASDAQ: JBLU) and Hawaiian Holdings (NASDAQ: HA) were holding on slightly better, down just 4% apiece, and Southwest Airlines (NYSE: LUV) was off 3.4% as investors mull an extended period of headwinds for the industry.

Source Fool.com