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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

United warns of lower bookings, furloughs

Reuters Videos
Updated

Just when things started to look better for the airlines and they had announced plans to add thousands of flights to their schedules, yellow lights have started to flash at United. A source tells Reuters the airline has warned of booking declines and potential furloughs.

What sparked the warning? What United encountered after New York, New Jersey, and Connecticut announced travel restrictions. Those Northeastern states said last month they would require that travelers who arrive from hot-spot states quarantine themselves for 14 days. Reservations quickly began to slide.

Hardest hit: United’s Newark hub. Near-term net bookings as of July 1 amounted to just 16% of levels a year ago.

Shares of United Airlines slid in early trading Tuesday, pulling down those of other major carriers as well.