Dow Transportation Average keeps losing altitude

Landstar System

07/04/2022 18:02

** The economically sensitive Dow Jones transportation average
index  .DJT  down 1.2% on the day, on track for its
seventh-straight day of declines, its longest losing streak
since 2019 
    ** If the index closes lower on Thurs it would be its first
7-day sell-off since Sept 16-Sept 24, 2019 and then May 22-May
31, 2019. It hasn't fallen more than 7 days in a row since an
11-day losing streak Feb 22 to Mar 8, 2019
    ** Biggest decliners on Thurs are airlines. While Barclays
has hopes for airlines in Q2, it cut its price target for
several stocks in the sector citing expected weakness in Q1
earnings  urn:newsml:reuters.com:*:nL3N2W5250
    ** Six airlines are the biggest DJT percentage losers on the
day with American Airlines  AAL.O  down 5.2%, JetBlue  JBLU.O ,
Southwest  LUV.N  and Alaska Air ALK.N  all down more than 4%,
while United Airlines  UAL.O  and Delta  DAL.N  are down more
than 3%. But in the last 7 days the S&P airlines index has
outperformed with a roughly 9% drop vs the DJT's 14% loss 
    ** In the index, only Landstar System  LSTR.O , about flat
and CH Robinson Worldwide  CHRW.O , up 0.3% are managing even
the most meager gains on Thurs

 (Reporting By Sinéad Carew, Terence Gabriel)
 ((sinead.carew@thomsonreuters.com;))