Airline Sector Suffers Worst Six-day Stretch In Over 7 Months

The NYSE Arca Airline index slumped 2.4% on Tuesday to the lowest level since Dec. 16, as it stretched its losing streak to six sessions. That's the longest such stretch since the six-session streak ending Oct. 13, 2014. The 8.8% the airline sector tracker lost during the current losing streak is the worst cumulative six-session loss since the 10.9% it dropped, also during the six days ending Oct. 13. Analyst Helane Becker at Cowen & Co. said the sector has come under pressure recently because of concerns over capacity growth and price wars. Also weighing on the group, Becker said West Coast jet fuel prices spiked up in May, given several unscheduled refinery outages. "Jet fuel assumptions at airlines may have to be raised due to the high cost of refining jet fuel on the West Coast," Becker wrote in a note to clients. Among some of the more active airline stocks, Delta Air Lines tumbled 11%, JetBlue Airways shed 8.7%, American Airlines Group plunged 15% and Southwest Airlines plummeted 14% over the past six sessions.