Southwest Airlines reaches ‘tentative’ labor agreement with its mechanics

Southwest Airlines Co.
LUV,
-1.56%
said Friday that it has reached a “tentative agreement” with the union representing its mechanics and related employees. The air carrier’s agreement with the Aircraft Mechanics Fraternal Association (AMFA) covers more than 2,800 employees, including aircraft maintenance technician, aircraft inspectors, maintenance controllers and training instructors. Southwest said the AMFA will provide details about the agreement and the timing of the vote on the agreement by its members. Southwest’s stock fell 1.6% in premarket trading, in line with the decline in the U.S. Global Jets exchange-traded fund
JETS,
-1.73%,
but more than the 0.8% decline in futures
ES00,
-0.78%
for the S&P 500.
SPX,
-0.79%