Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER
Airline stocks struggle despite strong holiday travel numbers
© Reuters.
By Geoffrey Smith
Investing.com -- Airline stocks struggled at the opening in New York on Monday, despite figures suggesting that the holiday weekend saw the highest number of passengers at U.S. airports in three years.
Data from the Transportation Security Agency indicated that 2.56 million passengers used U.S. airports on Sunday, the highest number for a single day since December 2019. The holiday weekend just ended was the first in three years not overshadowed by COVID-19 and associated public health measures.
Even so, the number was still more than 11% below the comparable figure three years ago, at the last pre-COVID Thanksgiving weekend, when 2.88 million passengers were screened.
By 09:45 ET (14:45 GMT), United Airlines (NASDAQ:UAL) stock was down 1.8%, while Delta Air Lines (NYSE:DAL) stock and American Airlines (NASDAQ:AAL) stock were both down 1.6%. Southwest Airlines (NYSE:LUV) was down 1.1%.
While the numbers confirmed the gradual recovery of domestic air travel, their inability to break 2019's record is testimony to the pressure on consumers' wallets in a year when airlines have put their prices up ferociously to exploit pent-up demand. Fares are up around 30% from a year earlier, according to the Bureau of Labor Statistics' data.
Long-haul airlines also had to deal with a headwind from a different direction on Monday. Having been supported in the last couple of weeks by hopes that the reopening of China's air corridors would boost business, the sector was among the most directly exposed to fears of political instability and further economic damage arising from the authorities' reversal of course in recent days, doubling down on the Zero COVID strategy that has been in place for nearly three years.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.