British American Tobacco lowered full year guidance as coronavirus travel bans and lockdowns in South Africa, Mexico and Argentina hammered sales.
At least 25 million jobs could be at risk around the world from the slump in passenger traffic caused by the coronavirus pandemic, the airline industry body warned on Tuesday.
Miners and industrial metals names paced gains at the start of the week, boosted by a slate of solid economic data out China referencing the month of June.
In his semiannual Monetary Report to the House Financial Services committee, Jerome Powell outlined how weak economic growth overseas and uncertainty around trade might negatively impact the US even as inflationary pressures were limited.
Defensive and cyclical issues competed for the top rungs of the sector leaderboard at the start of the week, as investors returned from the long weekend in the States and debated the outlook for near-term easing by the US central bank and hence for stocks.
Miners were pummelled at the end of the week as the US dollar snapped higher on the back of an unexpectedly strong reading on the US jobs market for June, which in turn pushed commodity prices lower.
The more cyclical segments of the market paced gains on Thursday, with investor sentiment helped by the record highs notched up by Wall Street's main market gauges in the previous session and hopes for easier central bank policies going forwards.