In the latest trading session, United Airlines shares declined 2.18%, a drop that outpaced the 1.1% retreat of the S&P 500 index. Trading volume surged to 14.3 million shares, roughly 25% above the 30-day average, signaling heightened investor concern. Analysts attributed the pullback to profit-taking after a 12% rally over the past three weeks, coupled with broader airline sector weakness following reports of rising jet fuel costs, which are up 9% year-to-date.

United Airlines shares have climbed 7.8% over the past month, narrowing the gap to within 2.5% of their February record high. The advance has outpaced major peers, with Delta up 5.1% and American Airlines up 3.6% in the same period. Investors are positioning ahead of Tuesday’s quarterly report, where consensus estimates project adjusted EPS of $2.45 on revenue of $13.2 billion. Management is expected to address capacity discipline and cost-control measures, after fuel expenses jumped to 28% of operating costs in the first quarter.