Citing “waning demand and price dives,” Bank of America downgraded multiple transportation stocks on Friday.
Tender rejections, a proxy for truck capacity tightness, remained very high entering the year but began declining notably in March, bucking normal seasonal trends.
Hoexter said spot prices excluding fuel are down 37% since the end of 2021, dropping 27% in the past month alone.
The nation’s largest fleets have logged share price declines between 10% and 15% since the end of March compared to the S&P 500, which is only off 2%.