Wall St update: Boeing, travel stocks pull US stocks lower as COVID cases rise
3 years, 8 months ago

Wall St update: Boeing, travel stocks pull US stocks lower as COVID cases rise

Live Mint  

Wall Street's main indexes fell for a second straight day on Tuesday as a spike in coronavirus cases globally hit travel stocks, while Boeing slid on the unexpected departure of its finance chief. Shares of airline operators and cruiseliners including JetBlue Airways, American Airlines, Norwegian Cruise Line and Carnival Corp, which were hammered last year as widespread lockdowns led to a halt in global travel, fell between 5% and 9%. Wall Street's main indexes scaled record highs last week as investors bet on stocks such as industrials and miners that are deemed to benefit from a faster-than-expected economic rebound, while richly valued technology stocks found favor after a retreat in bond yields. On Tuesday, the technology-heavy Nasdaq, which comprises some of the best performing stocks from last year including Apple Inc and Tesla Inc, was down 0.9% even as Treasury yields ticked lower.

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