Transportation stocks are switching gears Wednesday. After leading the market in its recent run to records, the Dow Jones Transportation Average is falling around 0.7%, making it the biggest loser among the major averages.
Chalk it up to a combination of profit taking (the DJTA is up more than 6% YTD, more than double the gain in the S&P 500), and renewed questions about economic growth. 19 of the 20 members of the Dow Transports are down.
Keep in mind that five of these names – CSX (NYSE:CSX), Ryder System (NYSE:R), Delta Air Lines (NYSE:DAL), Southwest Airlines (NYSE:LUV), and Alaska Air (NYSE:ALK) - all hit record highs this week.
Dow Transports in Reverse