Weekly Roundup: US Airlines Slip, Cruise Lines Fall, ServiceNow Leaps
Description
This week's biggest winners and losers in the stock market.
On this episode of Stock Movers, we look at some of the week's biggest gainers and decliners:
- US airline stocks, like United Airlines (UAL) and Southwest (LUV) slipped into a bear market as Wall Street warns that the war in the Middle East threatens to dramatically squeeze profits by driving up fuel costs. The S&P Supercomposite Airlines Industry Index closed down 4.1% on Friday afternoon, extending a skid into a sixth day. The group is down over 22% from a multi-year high marked just last month. A decline of 20% or more from a peak is defined as a bear market. The sharp decline in shares stems from the Iran conflict, which has caused the prices of jet fuel to surge.
- Cruise lines like Carnival (CCL) and Norwegian Cruise Line (NCLH) also saw shares fall this week on concerns over disruptions stemming from the conflict in the Middle East.
- ServiceNow (NOW) was among a few software stocks that saw gains this past week.
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