Shares of major U.S. carriers jumped on Tuesday after upbeat airfare data for July signaled improving pricing power for the industry, as airlines bring capacity in check to align with a soft demand environment.

Shares of legacy carriers United Airlines, American Airlines and Delta Air Lines jumped nearly 10% each, while budget rival Southwest Airlines gained 4% in afternoon trading.

Smaller peers Alaska Air and JetBlue Airways rose about 10% each and low-cost carrier Frontier Group surged 22%.

Data from the Labor Department’s Bureau of Labor Statistics on Tuesday showed airfares rose 4% in July after slipping 0.1% in June, marking their first increase in six months.

Uncertainty stemming from President Donald Trump’s sweeping tariffs and budget cuts has prompted travelers to curb discre

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