Warren Buffett sold his airlines
Global airline stocks are in focus today after Warren Buffett announced on the weekend that he'd dumped stakes in major US carriers. He warned it could be years before revenues return to pre-COVID levels and that visibility on the industry was low. He took roughly 50% losses on the stakes and shares of the carriers are down 10% pre-market.
Buffett was less optimistic than usual on broader markets but it hasn't hit sentiment as hard as I would have expected. S&P 500 futures are down 20 points to 2801, well off the overnight lows of 2775.