Ticker: Spirit Airlines plans to cut jobs and sell some planes amid looming financial struggles; Wall Street closes mostly lower

Spirit Airlines is cutting jobs and selling off some jets worth millions of dollars as the budget carrier aims to cut costs amid looming financial struggles and an uncertain future.

In a Thursday regulatory filing, Spirit said it has identified about $80 million of cost-cutting measures set to begin early next year. Those cuts will be driven primarily by a “reduction in workforce,” the Florida-based airline noted.

Spirit did not specify a number for the layoffs or what positions would be impacted. A spokesperson for the company declined to comment further when reached by The Associated Press Friday.

Wall Street closes mostly lower

U.S. stock indexes gave up an early gain and drifted to a mixed finish Friday, helping give the market its first losing week since early September.

The S&P 500 closed little changed after having been up 0.9% earlier in the day. The benchmark index ended the week 1% lower, ending a six-week winning streak.

The Dow Jones Industrial Average fell 0.6% and also posted its first weekly loss after six straight gains. The Nasdaq composite eked out a 0.6% gain thanks to gains for several Big Tech stocks. It extended its winning streak to seven weeks.

Both the S&P 500 and the Dow have been generally falling back from record highs set late last week. The market has been more cautious amid worries that stocks have become too expensive. Higher Treasury yields, which make stocks less appealing to investors, also added more pressure.