Asian shares are mixed in cautious trading Friday after Wall Street closed at an all-time high with Delta Air Lines kicking off earnings season with a solid outlook for the rest of 2025, spurring an airline stock rally.

Delta Air Lines, the world’s largest carrier by revenue, reported upbeat second quarter results and reinstated its guidance as growing economic clarity deflects headwinds resulting from a global trade war.

After withdrawing its outlook in April, Delta is again forecasting a profit—though at a significantly lower level than originally projected.

The airline’s upbeat outlook for the year has been dimmed by economic turbulence in the U.S. that made people hesitant to book flights.

U.S. financial markets were uneven before the opening bell, even as Delta Air Lines kicked off earnings season with solid results and an improved outlook for the rest of 2025

Analysts expect that airlines will have a tepid earnings season as tariff uncertainty and declining U.S. dollar weigh on the industry.

Delta Air Lines' strong earnings and projected growth provided an early boom for the airline industry as the rest of the major carriers prepare to report.