Stock Market Update

[BRIEFING.COM] The major averages are now tracking in a relatively tight range just beneath their session highs.

Airline stocks have emerged as a point of weakness today following the earnings reports of Southwest Air (LUV 32.81, -4.63, -12.4%) and American Airlines (AAL 11.74, -0.94, -7.5%). 

Southwest Air missed EPS expectations by $0.08, with revenues in-line. The Board of Directors authorized a new $2.0 billion share repurchase program expected to be completed over a period of up to two years.

American Airlines beat its EPS expectations by $0.17, but the company issued downside guidance for Q3 EPS and guided FY25 EPS in-line. 

JetBlue Airways (JBLU 4.43, -0.20, -4.3%) and Delta Air Lines (DAL 55.46, -0.52, -0.9%) are also trading lower today.