Key Highlights

● United traded around $101 on October 22 and ended roughly flat.

● It had cut the high end of its guidance, citing energy costs.

● Brent crude settled at $113.17, its highest since May 4.

● Rival airlines rallied after Southwest reported record revenue.

United Airlines (NASDAQ:UAL) went nowhere on Thursday, October 22, 2026, trading around $101 and ending roughly flat on the Dow Transportation Average, even as several rival carriers rallied.

The muted performance stood out because the airline sector had a strong day, lifted by record revenue from Southwest Airlines (NYSE:LUV). United, however, had cut the high end of its guidance, citing energy costs, according to market data.

Energy costs weigh

United's decision to trim the top of its guidance range highlighted the pressure that surging fuel prices are putting on airlines. Fuel is one of the largest expenses for any carrier, and jet fuel prices tend to follow crude oil.

Oil kept climbing on Thursday. Brent crude settled at $113.17 a barrel, its highest since May 4, after Houthi attacks in Saudi Arabia and a media report that the US and Israel plan renewed strikes on Iran after the November 3 midterm elections. US crude settled near $99.47 a barrel. Brent had been below $97 at the start of October.

Trimming the top of a range narrows the best-case outcome. No other company-specific reason for United's flat finish was reported, and it did not share in the gains that lifted some of its rivals.

The sector rallied around it

Southwest set the tone for the industry. Its third-quarter revenue reached a record $8.42 billion, ahead of the $8.25 billion estimate, and earnings of $0.66 a share beat expectations of $0.58. Revenue per available seat mile also hit a record.

Southwest still cut its 2026 earnings guidance to $2.60 to $2.85 a share from $3.25 to $4.25, citing $821 million in extra fuel costs, but its stock jumped as investors focused on demand. Airline stocks rose after Southwest's results.

American Airlines (NASDAQ:AAL) climbed even after guiding to adjusted losses for the fourth quarter and full year, and Delta Air Lines (NYSE:DAL) rose in sympathy. United's flat finish left it lagging peers on a day when demand signals took center stage.

The wider market

The airline moves came against a sharply divided market. AI and chip stocks sold off after Meta Platforms (NASDAQ:META) outlined heavy capital spending and Lam Research (NASDAQ:LRCX) gave a supply-constrained outlook. The Nasdaq Composite fell 694 points to 26,008.86, its steepest drop since June 5, and the S&P 500 lost 93.74 points to 7,663.43, its worst day since July. The Dow Jones Industrial Average ended essentially flat, up 11.89 points at 52,867.98.

Railroads were among the day's winners, with Union Pacific (NYSE:UNP) and CSX (NASDAQ:CSX) rallying on earnings as record diesel prices pushed freight toward rail. About two of every three S&P 500 stocks rose, according to market reports. Treasuries rallied, pulling the 10-year yield back below a closely watched threshold for the first time since September 22, and weekly jobless claims fell to 194,000, the fewest in about three months.

United Watches Fuel and Travel Demand

Energy prices will remain the main swing factor for United's outlook, with Middle East tensions keeping crude elevated and a media report pointing to possible renewed strikes on Iran after the midterms. Investors will watch for any further guidance updates from the airline, along with signs of whether strong travel demand can offset fuel costs. The Federal Reserve's policy decision on October 28 and third-quarter GDP data on October 29 will help shape the outlook for consumer spending on travel.