Stock Market Today, Dec. 23: American Airlines Falls After Tightening AAdvantage Rules for Basic Economy Fares

American Airlines Group (NASDAQ:AAL), a major passenger and cargo carrier, closed Tuesday’s session at $15.60, down 4.06%. American Airlines Group IPO'd in 2005 and has fallen 19% since going public. Trading volume reached 67.8 million shares, coming in nearly 9% above its three-month average of 62.4 million shares.

Tuesday’s regular session featured fresh coverage of AAL’s loyalty-program changes, and investors are watching how these strategic moves reshape revenue quality into 2026.

How the markets moved today

The S&P 500 (SNPINDEX:^GSPC) added 0.46% to close at 6,909, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.57% to finish at 23,562. Industry peers Delta Air Lines (NYSE:DAL) fell 2.18% and United Airlines (NASDAQ:UAL) declined 2.15%.

What this means for investors

The market and investors are still digesting recently announced major changes to its AAdvantage loyalty program. The new rules were effective Dec. 17, and customers aren't happy with the news.

Basic economy tickets no longer earn loyalty miles or points. The program shift aligns with the airline's increasing focus on higher, more profitable fare classes.

The tighter rules could alienate the more price-conscious traveler segment and push them to competing budget airlines, however. American stated the move will help them remain competitive, but investors are implying it also increases risk with owning the stock, driving shares lower today.

Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.