Shares of industrial and transportation companies fell as travel troubles continued.
Nearly 1,500 U.S. flights were canceled, the 11th straight day of more than 1,000 cancellations, marking the airline industry's worst stretch since the start of the pandemic. Airlines also had delayed more than 1,700 flights by midday, according to aviation data tracker FlightAware. Carriers have now canceled more than 21,000 flights since Christmas Eve.
In other notable data, companies are taking up warehouse space faster than developers can build it. Cushman & Wakefield said the overall fourth quarter vacancy rate for industrial sites in the U.S. fell to 3.7%, the lowest level the real-estate firm has recorded.
Meanwhile, U.S. freight railroad traffic rose 5.7% last year as the economy bounced back from the effects of the Covid-19 pandemic in 2020, the Association of American Railroads said. Carload volume rose 6.6%, with sharply higher natural-gas prices prompting a nearly 11% rise in coal carloads. AAR said chemical shipments set a record in 2021, while grain shipments had their best showing since 2008.
Low-cost carrier Allegiant Air is ordering up to 100 Boeing 737 MAX jetliners, a win for the U.S. aerospace manufacturer which has suffered several setbacks in recent years. Allegiant's purchase will see Boeing adding a U.S. customer, winning business from an airline whose current fleet comprises aircraft built by Airbus.
FedEx is upping its purchases of GM's electric delivery vans. The delivery company plans to add 2,000 BrightDrop electric vans over the next few years, which is on top of a commitment to buy 500, announced last year. The two companies are also working on a plan to add up to 20,000 more electric vans in the future.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
01-05-22 1708ET
