Why Delta's Stock Is Trading Lower Today

Delta Air Lines DAL shares are trading lower on Wednesday.

Shares of several airline companies are trading lower amid market weakness as macro concerns continue to grow as a result of the coronavirus pandemic. The sector has been hurt recently by the global coronavirus outbreak, which has heavily hampered travel demand.

Delta is cutting domestic capacity by 10% to 15% and international by 20% to 25%, freezing hiring, offering voluntary leave options to staff and looking at early retirement of older aircraft, reports Reuters.

Delta Air Lines shares were trading down 16.77% at $23.77 on Wednesday. The stock has a 52-week high of $63.44 and a 52-week low of $19.10.