Business News Update — May 02, 2026 6 PM Eastern

Clockwise Business News — Spirit Airlines has ceased operations after 34 years, citing financial struggles and soaring oil prices. This is Clockwise business news, 6 PM Eastern. The ultra-low-cost carrier announced it immediately wound down operations, canceling all flights. This move affects thousands of employees and leaves countless travelers stranded. The airline's collapse follows two prior bankruptcies, with rising fuel costs from the Iran conflict proving to be the final blow.