Two of the nation's biggest airlines report first-quarter earnings this morning before the market opens.

Delta Air Lines Inc. and US Airways Group Inc. are each expected to report a loss. The quarter is typically a slower one for air travel. And while airlines raised fares, it likely wasn't enough to overcome high jet fuel costs.

Wall Street expects a loss of 4 cents per share from Delta and 25 cents per share from US Airways.

Investors will want to know if travel demand is holding up. They'll also be curious about deals, although not the kind airlines offer passengers.

US Airways has taken steps toward making a bid for American Airlines, which is reorganizing in bankruptcy court. And Delta is reportedly interested in buying a refinery from ConocoPhillips. .