Meanwhile, a strike at Boeing (BA) is hurting the company’s shares. While Boeing isn’t a component of the iShares Dow Jones U.S. Transportation Average (IYT), many of the components in the fund rely on aircraft to do business.
The machinist strike is heading into its 47th day, and Boeing has delivered fewer passenger jets in the third quarter, reducing earnings by 38%, reports Peter Pae for the Los Angeles Times. Boeing and union officials are meeting with a moderator today.
UPS is 7.4% of IYT, which is down 19.5% year-to-date.