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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