TOP NEWS TODAY - Dow Jones & Company
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Friday, September 15, 2023
TOP NEWS TODAY
News and Insight from Dow Jones and The Wall Street Journal.
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MARKET WRAPS
STOCKS: U.S. stocks fell amid concerns about inflationary pressures and auto worker
strikes ahead of the Federal Reserve's meeting next week.
TREASURYS: Treasury yields ended at their highest levels of the month and notched their
second weekly advance as the United Auto Workers went on strike, raising concerns about a
return of price pressures in the auto sector.
FOREX: The U.S. dollar ticked down ahead of the Fed's meeting, which begins Tuesday.
COMMODITIES: Oil futures rose to new highs for the year, tallying a third straight weekly
gain on continued worries about tight supplies.
HEADLINES
UAW Goes on Strike Against GM, Ford and Stellantis
UAW Goes on Strike Against GM, Ford and Stellantis
The United Auto Workers union hit the picket lines shortly
after midnight, striking all three Detroit car companies at
once for the first time. The work stoppages targeted
factories in Michigan, Ohio and Missouri.
UAW officials initiated the walkout after failing to clinch
new labor deals with General Motors, Ford Motor and
Jeep-maker Stellantis for about 146,000 U.S. factory workers. Bargaining went late into the
night, but the two sides remained too far apart to avoid a walkout at the 11:59 p.m. ET
deadline.
Workers at Ford¡¯s Bronco plant in Detroit, a Stellantis Jeep factory in Toledo, Ohio, and a
GM pickup plant in Missouri were instructed to leave their posts, beginning what could be a
series of sporadic walkouts done without notice at additional auto factories.
Read More #
Consumer sentiment falls for second month in a row, but
Americans also see inflation slowing
The numbers: A survey showed consumer sentiment
falling in September for the second month in a row as
Americans expressed more worries about the economy,
but it found that they also think inflation will continue to
slow.
The preliminary reading of the sentiment survey dropped
to 67.7 this month from 69.5 in August, the University of Michigan said Friday.
The index had hit a 22-month high in July before backtracking.
Read More #
U.S. industrial output rises at stronger-than-expected rate in
August on increase in oil drilling
The numbers: Industrial production rose 0.4% in August,
the Federal Reserve reported Friday.
The gain was above expectations of a 0.2% gain,
according to a survey by the Wall Street Journal.
Capacity utilization rose to 79.7% in August from 79.5% in
the prior month.
Read More #
Cost of imports registers biggest increase in 15 months as gas
prices boost inflation
The numbers: The cost of imported goods rose 0.5% in
August, marking the biggest increase in 15 months,
largely because of higher oil prices.
import prices rose for the second time in a row and just
the third time this year. Economists polled by the Wall
Street Journal had estimated a 0.3% increase.
If fuel is set aside, import prices fell 0.1% last month, the government said.
Read More #
New York Fed¡¯s Empire State factory gauge rebounds in September
The numbers: The New York Fed¡¯s Empire State
business conditions index, a gauge of manufacturing
activity in the state, rose 21 points in September to 1.9,
the regional Fed bank said Friday.
Economists had expected a negative 10 reading,
according to a survey by the Wall Street Journal.
The gain reverses a 20.1 point drop in August. Any reading above zero indicates improving
conditions.
Read More #
Planet Fitness Shares Tumble After Board Ousts Longtime CEO
Shares of Planet Fitness fell about 13% after the gym
chain¡¯s board ousted longtime Chief Executive Chris
Rondeau.
The stock dropped to $51.94 in morning trading, on pace
for its lowest close since August 2020. So far this year,
shares are down about 34%.
Rondeau, who had been CEO since 2013 and served as
chief operating officer for the 10 years before that, will
continue to serve on the company¡¯s board and will be
nominated for re-election at the 2024 annual meeting as
part of his separation agreement.
Read More #
Instacart Set to Raise IPO Price Target After Successful Arm Debut
Instacart is preparing to raise the target price for its initial
public offering following the successful debut Thursday of
Arm, as investors¡¯ appetite for IPOs continues to increase.
The grocery-delivery company now is expected to sell
shares for $28 to $30 apiece, it plans to disclose in an
amended filing with the Securities and Exchange
Commission as early as Friday, people familiar with the matter said. It had been seeking a
price of between $26 and $28 when the stock starts trading next week.
At the high end of the new range, Instacart would be valued at nearly $10 billion on a fully
diluted basis.
Read More #
U.S. Ambassador Sees Detained Wall Street Journal Reporter Evan
Gershkovich
The U.S. ambassador to Russia was granted access to
jailed Wall Street Journal reporter Evan Gershkovich on
Friday in the latest such visit since his detention in March.
Posting on X, the social-media platform formerly known
as Twitter, the U.S. Embassy in Russia said, ¡°He remains
strong and is keeping up with the news¡ªincluding his
parents¡¯ appearance at the UN this week.¡±
Lynne Tracy¡¯s visit to Gershkovich at Moscow¡¯s Lefortovo prison comes as relations between
the U.S. and Russia sink to lows not seen since the Cold War. On Wednesday, the U.S.
ambassador to the United Nations and Gershkovich¡¯s family called for his immediate release
during a news briefing at its headquarters.
Read More #
TALKING POINTS
India on Alert to Contain Outbreak of Deadly Nipah Virus
By Vibhuti Agarwal
Authorities in southern India scaled up efforts to contain an outbreak of Nipah virus after two
people died of the disease, which originates in animals and can in severe cases cause
respiratory illness and fatal brain swelling.
The second person died early this week, a Kerala health official said Friday, while four more,
including a child, have tested positive and remain under treatment. Earlier, one person died
of the virus, on Aug. 30.
Kerala Chief Minister Pinarayi Vijayan said a statewide health alert had been issued and
asked residents to remain careful and follow the health department¡¯s safety guidelines.
¡°We should not be afraid, but face this situation with caution,¡± Vijayan said.
Authorities set up containment zones around villages deemed high risk, restricted public
transport and put in place lockdown measures, such as ordering all shops to close barring
those providing essential goods.
India¡¯s health minister, Mansukh Mandaviya, said a central team had been sent to Kerala to
assess the situation and assist the state government in managing the virus.
Nipah virus was first recorded among pig farmers in Malaysia in 1999, according to the
World Health Organization. Outbreaks have mainly occurred since then in South Asia or
Southeast Asia. India has seen cases of the virus in West Bengal state, as well as Kerala.
The virus, believed to originate in fruit bats, can spread from animals to people, but can also
be transmitted human-to-human and via fruit-tree products contaminated by bat urine or
saliva. While it is less contagious than Covid, according to health experts, it has a higher
fatality rate.
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