An Hour Ago
Dow Transports suffer worst day since April
The Dow Transports slid 3.4% Wednesday, marking its worst day since April 26.
Airlines within the 20-stock index suffered keenly Wednesday, with United Airlines shedding 9.7% and Alaska Air tumbling 5.2%. American Airlines and Delta fell more than 4% each.
J.B. Hunt Transport also dropped considerably, falling 8.8% a day after it posted quarterly results. Third-quarter earnings came in at $1.80 per share on $3.16 billion in revenue. Analysts polled by FactSet were calling for earnings of $1.83 per share on revenue of $3.17 billion.
— Darla Mercado, Nick Wells
2 Hours Ago
Stock futures open higher
In a significant downturn, the Dow Transports experienced its worst day since April, sliding 3.4% on Wednesday. The index, consisting of 20 transportation stocks, saw airlines being hit particularly hard. United Airlines, one of the prominent companies within the index, suffered a staggering 9.7% drop. Alaska Air also endured a substantial decline of 5.2%, while American Airlines and Delta each fell more than 4%.
Adding to the overall downfall, J.B. Hunt Transport, another key player in the industry, experienced a substantial decrease of 8.8% immediately after releasing its quarterly results. The third-quarter earnings for the company stood at $1.80 per share, generated from $3.16 billion in revenue. Despite this, market analysts polled by FactSet had anticipated higher earnings of $1.83 per share on revenue totaling $3.17 billion.
The poor performance of the Dow Transports has raised concerns among investors as it indicates a potential slowdown in the transportation industry, a vital sector of the economy. It remains to be seen how the stock market will recover from this downturn and whether the transportation sector can bounce back in the near future.
In other news, 2 hours ago, stock futures showed a promising start to the day as they opened higher. This development brings some relief to investors who have been observing a recent string of negative events impacting the market. Hopefully, this positive momentum can be sustained and provide stability going forward.
— Darla Mercado, Nick Wells