Wall Street Today | United Auto Workers Call Unprecedented Strike at All Three Detroit Automakers
MACRO
A $4 Trillion 'Triple Witching' Event Endangers Stock Market Calm
In a quarterly episode called triple witching, piles of derivatives contracts tied to stocks, index options, and futures are scheduled to mature Friday, compelling traders en masse to roll over their existing positions or start new ones.
The options event has a reputation for causing sudden price moves. One player to watch: Dealers on the other side of options transactions who are obliged to buy and sell stocks to maintain a market-neutral stance. A shift in their stock exposure, known by esoteric concepts like gamma, was cited as fueling the August selloff and is now blamed for this month’s inertia.
SECTORS
United Auto Workers Call Unprecedented Strike at All Three Detroit Automakers
The United Auto Workers began a strike Friday against all three legacy Detroit carmakers, an unprecedented move that could launch a costly and protracted showdown over wages and job security.
After the midnight deadline for a new contract passed, workers walked out on a $Ford Motor(F.US$ plant in Michigan that makes Bronco SUVs, a $General Motors(GM.US$ factory in Missouri that assembles Chevrolet Colorado pickups, and a $Stellantis NV(STLA.US$ plant in Ohio that builds Jeep Wrangler SUVs. The union and automakers are still far apart after weeks of talks.
Oil Posts a Third Weekly Gain With Tighter Markets in View
Oil rose for the third straight week as the market continued to tighten on the back of production cuts from Saudi Arabia and Russia.
West Texas Intermediate settled near $91 a barrel on Friday, the highest since November. The International Energy Agency and Organization of Petroleum Exporting Countries warned this week that the market would be in deficit through year-end, helping push prices up about 3.7% from last Friday’s close.
COMPANIES
Arm Ends Second Day of Trading Lower After Strong Debut
$Arm Holdings(ARM.US$'s second day of trading proved volatile. The chip designer's shares jumped 8.5% at the open on Friday, then swung between gains and losses before ending the day at their low, down 4.5%.
Schwab Says Ameritrade Integration Dragged Down Client Inflows
$Charles Schwab(SCHW.US$ said it has been temporarily affected by client attrition as it integrates TD Ameritrade, leading to a decline in net new money for the firm last month.
Planet Fitness Tumbles While Wall Street Mulls Abrupt CEO Departure
$Planet Fitness(PLNT.US$ announced the immediate departure of its chief executive officer, who's held the position for more than a decade.
Adobe Offers Tepid Sales Outlook Despite Growing AI Optimism
$Adobe(ADBE.US$ provided a sales outlook that met analysts' expectations, but disappointed investors who expected demand for the company's artificial intelligence tools would boost revenue.
Disney Said to Hold Talks About Selling ABC to Nexstar
$Disney(DIS.US$ has now fielded at least one offer for its ABC TV network, local stations and some cable channels, and more may come as the company seeks to shed what it considers non-core assets and focus on streaming.
Instacart Seeks to Raise $660 Million With Boosted IPO Range
Grocery delivery business is preparing to price its initial public offering on Monday after boosting its price range following a strong trading debut by Arm Holdings, according to people familiar with the matter.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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KingNY-Life : Trade unions in the US are really the biggest culprits in destroying the manufacturing industry. If they want to revitalize the manufacturing industry, they must completely abolish trade unions. This organization uses the gimmick of employees' interests to take advantage of extravagance. Detroit was completely abolished. The subway company in New York is also being overrun by trade unions. How much of the maintenance expenses of tens of billions of dollars are used to upgrade subway services every year? It's still a dilapidated subway. Delays, line changes, and price increases. Actually, the biggest culprit behind it is trade unions, so trade unions in the US are a cancer. Without eradicating America's manufacturing industry, the service industry will not be good!