Shares of Norfolk Southern Corp. NSC bounced 0.4% in morning trading Thursday, after closing the previous session at a four-month low as the railroad operator continued to face backlash from the Ohio train derailment three weeks ago. On Thursday, U.S. Transportation Secretary Pete Buttigieg visited East Palestine, as the Biden Administration has also faced growing criticism over the federal response to the derailment. Norfolk Southern’s stock has tumbled 11.6% since the Feb. 3 derailment, which translates to about $6.68 billion in lost market capitalization. In comparison, shares of rivals Union Pacific Corp. UNP have shed 8.7% since Feb. 3 and CSX Corp. CSX have lost 5.7%. The Dow Jones Transportation Average DJT has declined 5.5% and the Dow Jones Industrial Average DJIA had slipped 2.8% over the same time.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.