Fed Raises Rates, Yields Hit 2007 Highs as Fuel Costs Set Records: This Week On Wall Street
The Fed hiked for the first time since 2023; the 10-year yield touched 5.04%, and record diesel prices hit truckers and automakers.
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Stifel Maintains Hold on Landstar System, Raises Price Target to $197
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Freight Stocks Plummet as Record-High Diesel Squeezes Profit Margins: 7 Names To Watch
Diesel is up 70% over the past year. J.B. Hunt fell 13% on a Q3 profit warning, dragging Knight-Swift, XPO and Old Dominion lower.
QUICK SPARK: $6 Diesel Triggers JB Hunt Stock's Worst Day Since March 2020
J.B. Hunt shares plunged 13% after the trucking company warned that third-quarter profit could fall 5%–10% sequentially, citing diesel prices above $6 a gallon versus $3.70 a year ago.
Shares of logistics and freight-related companies are trading lower amid sympathy with J.B. Hunt after that company's CFO said at an industry conference that its Q3 earnings may fall 5%-10% quarter-over-quarter due to cost effects.