Live Markets: Delivery companies, airlines help boost Dow transports

Cushman & Wakefield

12/12/2023 17:46

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      Major U.S. stock indexes up slightly
    

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      Financials lead S&P 500 sector gainers; energy weakest
    

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      European 600 STOXX index down 0.2%
    

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      Crude down >3%; dollar, bitcoin dip, gold edges down
    

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      U.S. 10-Year Treasury yield slips to ~4.23%
    

  
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    DELIVERY COMPANIES, AIRLINES HELP BOOST DOW TRANSPORTS    
    The Dow Jones transportation average  .DJT , up 0.3%, was
outperforming the S&P 500  .SPX  slightly on Tuesday with its
biggest index points boost from package delivery service FedEx
Corp  FDX.N , while airlines and some freight companies were
also gaining ground.
    Tumbling oil prices appeared to be helping the economically
sensitive sector, which incurs a large portion of its costs from
fuel.   
    FedEx was up 1.3%. TD Cowen raised its price target for the
stock to $293 from $290. The biggest percentage gainers in the
index were airlines, with JetBlue  JBLU.O  up 4.7%, Alaska Air
 ALK.N , up 4.1% and American Airlines  AAL.O , Southwest
Airlines  LUV.N  and Delta  DAL.N  all up more than 2%.
    U.S. crude  CLc1  recently fell 3.81% to $68.60 per barrel. 
    "Falling oil prices is certainly part of the reason airlines
and other big users of fuel are gaining today," said Peter Tuz,
president of Chase Investment Counsel in Charlottesville,
Virginia.
    Among freight companies Union Pacific  UNP.N  and Old
Dominion  ODFL.O  were the biggest index point contributors to
the Dow transportation average. However rental car co Avis
 CAR.O , off 0.8%, and ocean transporter Matson  MATX.N , down
1.2%, were the biggest drags.
    
    (Sinéad Carew)
     *****      

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