Airline stocks suffer broad selloff as surge in delta variant stokes fears of potential travel restrictions

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Airline stocks were suffering a broad selloff ahead of Monday’s open, amid a big drop in the broader stock market and as a surge of the delta variant of the coronavirus that causes COVID-19 increases fears of potential travel restrictions. The U.S. Global Jets ETF sank 3.6% in premarket trading, putting it on track for a sixth-straight daily decline, and to extend a seven-week losing streak through Friday in which the ETF has tumbled 16.5%. Among the ETF’s components, shares of American Airlines Group Inc. slumped 5.2% premarket, after sinking 18.6% amid a six-week losing streak; United Airlines Holdings Inc. slid 5.1%, after tumbling 21.1% amid a 7-week losing streak; and Delta Air Lines Inc. dropped 4.2%, after losing 13.8% amid a 5-week losing streak. Elsewhere, shares of Southwest Airlines Co. gave up 3.8% premarket, JetBlue Airways Corp. declined 5.4% and Spirit Airlines Inc. fell 5.3%. The selloff in air carrier stocks comes as futures for the S&P 500 dropped 1.3%.

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