Wall Street returns to losses as Buffett dumps airlines, China tensions flare

US stocks were set to fall on Monday as a US-Chinese spat about the origins of coronavirus outbreak worsened while billionaire Warren Buffett’s admission he had dumped his airline shares crushed major US carriers.

Delta Air Lines, American Airlines Co, Southwest Airlines Co and United Airlines fell between 9 per cent and 11 per cent in premarket, after Berkshire Hathaway chief Buffett told reporters of the move over the weekend, saying “the world has changed” for the industry.