Railroad Stocks Head South Early
This morning, the important transportation index is trading slightly lower to start the day. The ishares Dow Jones Transportation ETF (NYSEARCA:IYT) is declining lower by 0.11 cents to $94.47 a share. Short term traders should watch for intra-day support around the $94.13 and $93.20 levels.
The railroad stocks are leading the decline in the transportation sector. Leading railroad stocks such as Union Pacific Corporation (NYSE:UNP), Kansas City Southern (NYSE:KSU), Norfolk Southern Corp (NYSE:NSC), and Canadian National Railway (NYSE:CNI) are all coming under early selling pressure. The railroad stock look to be the weakest area of the transportation sector today. If this sector turns around it could help lift the IYT into positive territory.