From Tomi Kilgore: Airline stocks fell Monday, bucking the gains seen in the broader market, as concerns over the negative impact from the grounding of Boeing Co.’s BA, -2.00%737 Max jets linger. The NYSE Arca Airline Index XAL, -0.67% dropped 0.9%, as air carrier stocks paced the Dow Jones Transportation Average’s DJT, +0.78%decliners. Among the leading losers, shares of JetBlue Airways Corp.JBLU, -0.81% gave up 1.5%, United Continental Holdings Inc. UAL, -1.21% lost 1.0%, American Airlines Group Inc. ALL, +0.25% slumped 0.9%, Delta Air Lines Inc. DAL, -0.89% fell 0.8%, Alaska Air Group Inc. ALK, +0.02% declined 0.4% and Southwest Airlines Co. LUV, -0.11% slipped 0.2%. Analyst Jamie Baker at J.P. Morgan said Monday he believes the grounding of the 737 Max jets “is largely immaterial to most North American airlines.” He said if there is a protracted grounding, it could end up being positive for the industry, except for Southwest, which has the largest 737 Max fleet, because it could lead to further consolidation. While the airline stocks fell, the Dow transports rose 0.4% and the S&P 500 SPX, +0.26% gained 0.1%.
The U.S. Global Jets ETF (JETS) was trading at $29.19 per share on Monday afternoon, down $0.12 (-0.41%). Year-to-date, JETS has declined -10.35%, versus a 6.10% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of MarketWatch.
You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
The post Airline stocks drop on concerns about the grounding of Boeing’s MAX jets linger appeared first on ETF Daily News.