Shares of industrial and transportation companies slipped as more details emerged about airline cuts.

American Airlines Group said it would shed 19,000 workers by Oct. 1 as the carrier prepares to downsize to cope with the coronavirus pandemic's blow to travel demand, which isn't expected to rebound for years. American's cuts are less than the 25,000 potential job losses it warned were possible last month. But together with retirements and temporary leaves of absence, the reductions will make the carrier about 30% smaller than it was in March and are the clearest sign yet of the devastation coming for the airline industry as the summer travel season winds down and government funds run out.

Australia's biggest airline, Qantas Airways Ltd., said Tuesday that it is reviewing whether to outsource ground handling operations amid a steep decline in air travel due to the coronavirus pandemic, potentially leading to another 2,500 job cuts. The cuts would be in addition to the 6,000 job losses that have been previously announced.

Honeywell shares were higher as it was added to the Dow Jones Industrial Average, replacing Raytheon Technologies. 


 Write to Amt Pessetto at amy.pessetto@dowjones.com