The airline sector declined in pre-market trading, dragged down by a negative outlook from American Airlines (AAL), a top holding in the JETS ETF. American Airlines significantly cut its full-year 2026 adjusted earnings per share guidance to a range of -$0.65 to $0.65, citing an expected $700 million increase in third-quarter fuel expenses. This forecast, which implies a potential loss for the year, has raised investor concerns about rising costs and shrinking profit margins across the industry, leading to analyst price target cuts.