Airlines fall as Trump puts stimulus talks on hold until after the election
Airline stocks are slipping as President Trump says he's putting stimulus talks on hold until after the election. Yahoo Finance's Sibile Marcellus joins Kristin Myers to discuss.
Video Transcript
KRISTIN MYERS: Welcome back to "Yahoo Finance." We are continuing to see market start to accelerate those losses after Donald Trump just tweeted out just a couple of moments ago that he is instructing stimulus negotiations to be put on hold until after the election. The Dow right now down over 300 points.
And we are looking at the airlines right now, which are in the red. They are accelerating their losses, as the hopes for getting some kind of money from a part of a stimulus package all but fade right now.
United down about 3 and 1/2%, Delta down about 2 and 1/2%, and American Airlines is down just under 3 and 1/2% right now. So we want to bring in Yahoo Finance's Sibile Marcellus to chat the impact, particularly on the airlines, going forward. Hey, Sibile.
SIBILE MARCELLUS: Kristin, so what we're seeing is that the airlines were really hoping for this deal between top Democrats, House Speaker Nancy Pelosi, and Treasury Secretary Steve Mnuchin for another round of fiscal stimulus to help the airline industry. They were asking for an additional $25 billion.
We saw last week the let go of more than 32,000 US airline employees. And on this news, clearly, this is devastating news for employees who were hoping that maybe they'd be called back if a deal was struck. What we're seeing right now, no hopes of that. Election politics has gotten in the way, and Americans won't be getting that next round of fiscal relief for weeks at minimum.
KRISTIN MYERS: All right. Well, thank you so much, Sibile.
