Airline stocks slumped Tuesday after Jefferies analysts lowered their ratings for three of the four major U.S. carriers, writing “consumer sentiment continues to disappoint.”

Airline stocks sank after a Jefferies analyst downgraded several carriers due to falling consumer sentiment. Shares of Delta slumped 5% to $41.60, making it the worst performance on the S&P 500 Tuesday morning. American Airlines shares fell 4% to $10.11, and Southwest was down 3% at $32.53.

Airline stocks traded lower Tuesday. Concerns are growing about travel demand, with a decline in spending and consumer confidence. Jefferies downgraded Delta, American, Air Canada and Southwest. Airline stocks slid further on Tuesday as Wall Street's concerns about weaker-than-expected travel demand amid looming tariffs and a sharp drop in consumer confidence continue to weigh on the sector.