Dow transports set for worst day in nearly two years

Landstar System

18/05/2022 18:38

** Dow Jones Transportation Average  .DJT  down 6.7% in
Wednesday trading, set for biggest one-day percentage drop since
June 2020, as S&P 500 slumps 3.4%
    ** Dow transportation index, seen as a key market economic
barometer, touches lowest point since March 2021
    ** All 20 DJT components lower; biggest percent decliners:
Old Dominion Freight Line  ODFL.O  down 12.2%, Avis Budget
 CAR.O  down 11.0%, J B Hunt Transport Services  JBHT.O  down
9.6%
    ** Other big weights on index include FedEx  FDX.N  off 6.8%
and Landstar System  LSTR.O  off 7.3%
    ** "Fear of an economic slowdown or downturn" was driving
the Dow transports lower, said Chuck Carlson, CEO at Horizon
Investment Services, adding: "They are probably getting some
confirmation on that from the Targets and Walmarts of the world
that just are not exactly giving a lot of positives in terms of
what is happening to their business right now"
    ** YTD, DJT now down 16.3% vs 12.7% drop for Dow Jones
Industrial Average  .DJI 

 (Reporting by Lewis Krauskopf)
 ((lewis.krauskopf@thomsonreuters.com; 646-223-6082; Reuters
Messaging: lewis.krauskopf.thomsonreuters.com@reuters.net,
Twitter: @LKrauskopf))