The Dow Jones Transportation Average slumped 0.8% in morning trade Tuesday, as sharp selloffs in the shares of components Ryder System Inc. and JetBlue Airways Corp. caused the transport sector tracker to underperform the broader market by a wide margin. Ryder’s stock slid 8% to the lowest price since February 2014 after the truck rental company cuts its third-quarter and full-year profit outlook late Monday. JetBlue’s stock shed 6.3% after J.P. Morgan downgraded the air carrier on concerns over valuation. Among other more-active Dow transport components, shares of United Continental Holdings fell 0.6%, CSX Corp. lost 0.6% and Southwest Airlines Co. slipped 0.2%, while Delta Air Lines Inc. rose 0.7%. The Dow transports’ decline comes after it had run up 7.6% over the past two weeks. Meanwhile, the Dow Jones Industrial Average was up 0.2% in morning trade, on track for an eighth-straight gain, and has gained 7.2% since Sept. 28.
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