Shares of the big four airlines take off on news of 90-day tariff pause

Delta, American, United, and Southwest all surged following President Trump’s announcement.

4/9/25 2:44PM

Well that was quick. Shares of the big four US airlines all surged by double digits following the news that the White House will slash reciprocal tariffs for 90 days.

Since the announcement dropped at 1:18 p.m. ET, Delta Air Lines, United Airlines, and American Airlines shares are all up over 20%, and Southwest Airlines has risen over 16%. For Delta, which is up more than 24% as of 2:40 p.m. ET, it marks the biggest daily stock price jump since July 16, 2008, when it was up 26.6%, according to FactSet.

From the market close yesterday, the four carriers have clawed back more than $13 billion in market cap.

Earlier on Wednesday, Delta’s CEO warned that the US could be headed for a recession thanks to uncertainty around trade policy. The airline, which reported earnings today, pulled its full-year guidance; in January, it had said 2025 was shaping up to be its best fiscal year in a century.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.