US Stock Market News | Delta Air Lines Q3 guidance weak, airline stocks collectively decline

On Thursday, the aviation sector of the US stock market was dragged down by Delta Air Lines' weak Q3 guidance. As of the time of publication, the stock fell nearly 6% to $44.09. American Airlines dropped nearly 5%, United Airlines fell over 4.5%, Southwest Airlines and JetBlue Airways both dropped over 3%, while Alaska Airlines fell 1%. Delta Air Lines stated that adjusted earnings per share for the third quarter will be between $1.70 and $2.00, with revenue increasing by 2% to 4%. Market expectations were for earnings per share of $2.04 and revenue growth of 5.3%. Delta Air Lines CEO Ed Bastian mentioned that oversupply led to significant discounts, impacting every company. From June to August, the price cuts for air tickets were "particularly severe," with Bastian estimating that airline capacity exceeded demand by 3% to 4%