Lufthansa announced on Thursday it would slash 22,000 jobs over COVID-19.
The operator also said it expects 100 fewer aircrafts after the pandemic.
Shares in the big four airlines — United Airlines, Delta Airlines, American Airlines and Southwest Airline tanked between 11% and 16%.
Stock markets dived down after the Fed chair Jerome Powell’s speech on Wednesday.
Fears that a second wave of COVID-19 cases due to hit the US also caused markets to be in bear territory.
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Shares in major aviation stocks tanked on Thursday after German airline Lufthansa announced it would slash 22,000 jobs due to COVID-19.
Lufthansa is bracing for a slow recovery in demand and said the number of aircraft it operates will fall by 100 post-COVID-19.
Lufthansa’s Frankfurt-traded stock was down 7% at 10.36 euros ($11.77) as of around 3.50 p.m. German time (9.50 a.m. ET).
The negative sentiment poured into a number of aviation stocks, most notably the big 4 US stocks saw sharp declines.
Shares in United Airlines, Delta Airlines, American Airlines and Southwest Airlines tanked in early trading, losing between 8% and 13%.
As of 9.45 a.m. ET, United was the biggest loser, dropping 13%. Delta and American were close behind, d
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