Why Shares of Transport Stocks Are Falling Today

Transport stocks are taking it on the chin again on Thursday, as investors continue to worry the COVID-19 pandemic will significantly impact domestic and international shipping volumes and eat into results for at least the first half of 2020, if not for longer.

At 1:30 p.m., shares of FedEx (NYSE: FDX) and Canadian National Railway (NYSE: CNI) are down roughly 10%, while Union Pacific (NYSE: UNP) shares are down about 4%. Union Pacific was down more than 10% earlier in the trading session.

President Donald Trump on Wednesday night announced a series of new travel restrictions designed to combat the spread of the novel coronavirus, including a mention of international cargo shipments.

Source Fool.com