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☆ CNBC Daily Open: Is trouble brewing?
▼ + stars: | 2023-10-27 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Amazon reported third-quarter earnings and revenue on Thursday that sailed past analysts' estimates. Cost cuttingIntel shares rose about 7% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined. Multiple names within the Nasdaq are already in a bear market, or down more than 20% from their 52-week highs.

Organizations: CNBC, Big Tech, Nasdaq, Dow Jones, Amazon Web Services, Ford, United Auto Workers union, Intel, CNBC Pro

☆ UAW closing in on deals with both GM and Stellantis
▼ + stars: | 2023-10-27 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +5 min

There are about 29,000 UAW members currently on strike at GM and Stellantis. That deal still needs to be ratified by a vote of 57,000 UAW members at Ford before it will take effect. If deals are reached at GM and Stellantis by Friday, the union could begin the ratification process at all three at the same time. Membership approval of any deals reached at GM and Stellantis would also be needed before they would take effect. Most recently it added the largest Stellantis plant in Sterling Heights, Michigan, on Monday, and the largest GM plant in Arlington, Texas, on Tuesday, shortly after GM reported stronger than expected quarterly earnings.

Persons: Ford, Colin Langan, Wells, Stellantis, Langan, “, ”, Chuck Browning, Todd Dunn Organizations: New, New York CNN, United Auto Workers, General Motors, UAW, GM, Ford, Stellantis, Sterling, UAW Local, Kentucky Locations: New York, Detroit, Stellantis, Sterling Heights , Michigan, Arlington , Texas, Arlington, Wells Fargo

☆ How the UAW and Ford struck a historic deal
▼ + stars: | 2023-10-27 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

On Wednesday, after 41 days on strike, the UAW and Ford reached a tentative agreement. The Rouge plant in Dearborn, Michigan is where Ford Chairman and fourth generation controlling family member Bill Ford spoke about negotiations for the first-time last week. That speech perturbed UAW President Shawn Fain, who responded with a threat. What comes nextGetting the deal done with Ford was a big hurdle, according to a third source with knowledge. The Ford CEO said the deal the UAW was looking for would bankrupt the company.

Persons: Ford, Bill Ford, Shawn Fain, Jim Farley, ”, Fain, Benjamin Dictor, Dictor, Chuck Browning, “ Ford, “ We’re, Browning, Taylor Glascock, Farley, John Lawler, CNN’s Chris Isidore Organizations: CNN, United Auto Workers, Kentucky, Plant, UAW, Ford, General Motors, Arlington Assembly, UAW Ford Department, Ford UAW, GM, Ford Motor Co, Chicago Assembly Plant, General Motors Co, Stellantis, Bloomberg, Getty Locations: Louisville, GM’s, Arlington, Texas, Michigan, Rouge, Dearborn , Michigan, Dearborn, Chicago , Illinois

☆ CNBC Daily Open: Is trouble on the horizon?
▼ + stars: | 2023-10-27 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Seattle-based online retail giant reported third-quarter earnings and revenue that sailed past analysts' estimates. Its ad business recorded $12.06 billion in revenue during the third quarter, marking a 26% jump from the year-earlier period. Cost cuttingIntel shares rose about 7% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined.

Persons: Andy Jassy, axing, Li Keqiang, Li Organizations: CNBC, Nasdaq, Dow Jones, Web Services, Ford, United Auto Workers union, Intel Locations: Asia, Pacific, Seattle, North America, Shanghai

☆ Stock Market Today: Dow Slides 250 Points; Amazon and Intel Stocks Rally
▼ + stars: | 2023-10-27 | by ( ) www.wsj.com time to read: +1 min

JPMorgan shares fell after Chief Executive Jamie Dimon announced plans to make his first substantial sale of the bank’s shares since taking over nearly two decades ago. Exxon Mobil and Chevron shares fell. The Fed's preferred gauge showed core prices rose by 0.3% from the previous month. Oil prices rose. Hong Kong’s Hang Seng Index rose more than 2% and Japan’s Nikkei 225 gained 1.3%.

Persons: Jamie Dimon, Stocks, Brent Organizations: Nasdaq, JPMorgan, Dow, Exxon Mobil, Chevron, Ford, United Auto Workers, Treasury, Nikkei Locations: America

☆ Ford shares fall 9% after earnings underline worries about costs and EV plans
▼ + stars: | 2023-10-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford Motor Company's electric F-150 Lightning on the production line at its Rouge Electric Vehicle Center in Dearborn, Michigan, on Sept. 8, 2022. Shares of Ford Motor traded sharply lower Friday after the company reported earnings that missed estimates and said that demand for its electric vehicles was falling short of expectations. Ford reported its third-quarter results after the markets closed Thursday, and they weren't what Wall Street had expected. Ford on Wednesday night became the first of the three Detroit automakers to reach a tentative agreement with the UAW. Ford also withdrew its previous financial guidance for 2023 in light of the pending deal with the UAW.

Persons: General Motors, John Lawler, Jim Farley's, Ford Organizations: Ford, Electric Vehicle, Ford Motor, United Auto Workers, General, Wall, Detroit, UAW, Tesla Locations: Dearborn , Michigan, Kentucky, U.S, North America

☆ GM, UAW may be nearing a labor deal after marathon negotiating session
▼ + stars: | 2023-10-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Both GM CEO Mary Barra and UAW President Shawn Fain participated in the marathon bargaining, however the union leader was doing so virtually, said two of the sources. Fain was attempting to simultaneously negotiate with GM and Chrysler parent Stellantis , which were hosting talks with the union roughly 30 minutes from one another. Spokespeople with GM, Stellantis and UAW declined to comment on specific details of the talks. The union called back striking Ford workers after reaching a tentative deal with the automaker. The strikes have collectively cost GM, Ford and Stellantis billions of dollars in lost production.

Persons: Mary Barra, Shawn Fain, Fain, Mark Stewart, Stellantis, Ford, It's Organizations: DETROIT, United Auto Workers, General Motors, Ford Motor, UAW, GM, Chrysler, North, Stellantis, Ford, Deutsche Bank

☆ Mack Trucks says UAW demands unrealistic, no new talks set
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: 1 min

The logo of Mack Trucks is seen on a truck in a yard in Mejicanos, El Salvador, August 16, 2018. REUTERS/Jose Cabezas/File Photo Acquire Licensing RightsOct 26 (Reuters) - Volvo Group-owned (VOLVb.ST) Mack Trucks said Thursday the United Auto Workers' contract demands are unrealistic and that no new talks are scheduled after workers went on strike on Oct. 9, following their rejection of a proposed five-year contract. About 73% of the unit's 4,000 workers in Pennsylvania, Florida and Maryland voted against a tentative agreement that included a 19% pay raise that had been endorsed by UAW leaders. Mack Trucks said the UAW leadership's economic demands "continue to be unrealistic." Reporting by David Shepardson; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Mack Trucks, Jose Cabezas, David Shepardson, Tom Hogue Organizations: REUTERS, Volvo Group, United Auto Workers, UAW, Thomson Locations: Mejicanos, El Salvador, Pennsylvania, Florida, Maryland

☆ The UAW-Ford Deal: What’s in the Contract, Who Won and What It Means for GM and Stellantis
▼ + stars: | 2023-10-26 | by ( Nora Eckert | Mike Colias | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty ImagesThe United Auto Workers reached a new tentative labor deal with Ford Motor Wednesday night, calling workers off the picket lines at the automaker. Here’s what to know about the deal, what’s next for Ford and the union, and what the agreement means for the company as well as its rivals General Motors and Chrysler-parent Stellantis .

Persons: Michael Swensen, what’s Organizations: United Auto Workers, Ford, General Motors, Chrysler, Ford Motor

☆ Ford Retrenches Further on EVs Amid Demand Uncertainty
▼ + stars: | 2023-10-26 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty Images<br>Ford Motor posted $1.2 billion in net income in the third quarter, swinging from a loss in the prior-year period, but it withdrew its guidance for the year, citing the impact of the United Auto Workers strike. The company also said it is pushing out $12 billion in planned investment on electric vehicles, reiterating concerns about consumer demand and pricing pressure from competitors. It plans to delay a second battery plant in the U.S., a facility in Kentucky that is a joint-venture with Korean battery-maker SK On.

Persons: Michael Swensen Organizations: United Auto Workers, Ford, General Motors, Chrysler, Korean, SK Locations: U.S, Kentucky

☆ Ford Retrenches Further on EVs, Citing Waning Demand
▼ + stars: | 2023-10-26 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty Images<br>Ford Motor posted $1.2 billion in net income in the third quarter, swinging from a loss in the prior-year period, but it withdrew its guidance for the year, citing the impact of the United Auto Workers strike. The company also said it is pushing out $12 billion in planned investment on electric vehicles, reiterating concerns about consumer demand and pricing pressure from competitors. It plans to delay a second battery plant in the U.S., a facility in Kentucky that is a joint-venture with Korean battery-maker SK On.

Persons: Michael Swensen Organizations: United Auto Workers, Ford, General Motors, Chrysler, Korean, SK Locations: U.S, Kentucky

☆ Ford Pays Dearly for Labor Peace With the UAW
▼ + stars: | 2023-10-26 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: Paul Gigot Interviews Bjorn Lomborg. Images: AP/EPA Composite: Mark KellyPresident Biden praised what he called the “historic tentative agreement” that the United Auto Workers and Ford struck late Wednesday as a testament to collective bargaining. Perhaps, but the real test will be whether Ford can stay competitive, especially amid the government-forced electric-vehicle transition. UAW President Shawn Fain ’s strategy of staging strikes at select plants operated by all three Detroit auto makers appears to be paying off. The union was threatening to call off workers at a factory that builds Ford’s highly profitable F-150 pickup when the auto maker agreed to a generous deal that ends the nearly six-week walkout.

Persons: Paul Gigot, Bjorn Lomborg, Mark Kelly President Biden, Ford, Shawn Fain ’ Organizations: United Auto Workers, UAW, Detroit

☆ Morning Bid: ECB on hold, five's alive in the US
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

A view shows the European Central Bank (ECB) flag and the flag of the European Union in front of the ECB Building in Frankfurt, Germany, September 14, 2023. All 85 economists polled by Reuters last week expected the European Central Bank to stay on hold. Israel bombarded Hamas targets as it prepared for a ground invasion, with Russia warning the conflict could spread beyond the Middle East. Russia said it successfully tested its ability to deliver a massive retaliatory nuclear strike by land, sea and air. Reuters GraphicsKey developments that could influence markets on Thursday:Economics: European Central Bank meeting, U.S. GDPEarnings: Unilever, Mercedes, Standard Chartered and, after market close, AmazonReporting by Tom Westbrook.

Persons: Wolfgang Rattay, Tom Westbrook, Mike Johnson, Trump, Ted Pick, James Gorman, Morgan Stanley, Pick, Israel, Sam Holmes Organizations: European Central Bank, European Union, REUTERS, Reuters, Unilever, Mercedes, Treasury, Nasdaq, Republican, United Auto Workers, Ford, Standard Chartered, Amazon, Thomson Locations: Frankfurt, Germany, Asia, U.S, Louisiana, Ukraine, Russia, East

☆ US economic growth accelerates in third quarter
▼ + stars: | 2023-10-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Gross domestic product increased at a 4.9% annualized rate last quarter, the fastest since the fourth quarter of 2021, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of third-quarter GDP growth. The economy grew at a 2.1% pace in the April-June quarter and is expanding at a pace well above what Fed officials regard as the non-inflationary growth rate of around 1.8%. While the robust growth pace notched last quarter is unlikely sustainable, it was testament to the economy's resilience despite aggressive interest rate hikes from the Federal Reserve. Growth could slow in the fourth quarter because of the United Auto Workers strikes and the resumption student loan repayments by millions of Americans. Since March, the U.S. central bank has raised its benchmark overnight interest rate by 525 basis points to the current 5.25% to 5.50% range.

Persons: Andrew Kelly, Lucia Mutikani, Nick Zieminski Organizations: REUTERS, Rights, Gross, Commerce Department's, Reuters, Federal Reserve, United Auto Workers, Labor, Labor Department, Treasury, Group's, Thomson Locations: Brooklyn , New York City, U.S

☆ VIEW Ford reaches tentative deal with striking UAW workers
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 25 (Reuters) - The United Auto Workers (UAW) union reached a tentative labor deal on Wednesday with Ford Motor (F.N), the first of Detroit's Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers since mid-September. DANIEL IVES, ANALYST AT WEDBUSH SECURITIES"It's a relief for investors that this UAW nightmare is now over for Ford. JOE BIDEN, U.S. PRESIDENT"I applaud the UAW and Ford for coming together after a hard fought, good faith negotiation and reaching a historic tentative agreement tonight. GENERAL MOTORS STATEMENT"We are working constructively with the UAW to reach a tentative agreement as soon as possible." STELLANTIS STATEMENT"We remain committed to working toward a tentative agreement that gets everyone back to work as soon as possible."

Persons: Rebecca Cook, HARLEY SHAIKEN, DANIEL IVES, Farley, Ford, JOE BIDEN, JEFFREY SCHARF, SHAWN FAIN, Abhirup Roy, David Shepardson, Joe White, Peter Henderson, Christopher Cushing Organizations: Auto Worker, Ford Michigan Assembly Plant, Wayne , Michigan U.S, REUTERS, United Auto Workers, UAW, Ford Motor, UNIVERSITY OF, TIM, Ford, GM, U.S, Big, ACT, Thomson Locations: Wayne , Michigan, UNIVERSITY OF CALIFORNIA, BERKELEY, Detroit

☆ A time-honored investing strategy is under pressure. But don’t panic
▼ + stars: | 2023-10-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —An age-old investing strategy is losing its shine, but investors aren’t ready to cast it aside. Common wisdom suggests that when investors are fearful, stock prices tend to fall, and bond prices rise as people seek safer investments. When yields rise, bond prices fall, and Treasuries have been sinking in recent months. Those are characteristics of the perfect storm that sent the 60-40 portfolio nosediving in 2022. The 60-40 portfolio shed roughly 17% last year, its worst performance since 2008, according to data from Vanguard.

Persons: Bonds, Stocks, ”, Amy Arnott, Jerome Powell, Brian Henderson, Henderson, Chris Isidore, Marlon Pando, White Lotus, Alicia Wallace, — Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Vanguard, Morningstar, Treasury, BOK Financial, Auto, United Auto Workers, General Motors, Ford, GM, Wednesday, Disney Locations: New York, New Jersey, United States

☆ Ford withdraws 2023 forecast, warns on EV results
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsOct 26 (Reuters) - Ford Motor Co (F.N) on Thursday withdrew its full-year results forecast due to the pending ratification of its deal with the United Auto Workers (UAW) union, sending shares of the company down 7% in after-hours trade. Ford's Detroit rival General Motors (GM.N) on Tuesday withdrew its 2023 profit outlook due to the strike. Ford said third-quarter revenue rose 11% to $44 billion, with profit of $1.2 billion compared with a year-earlier loss of $827 million. The automaker warned it may experience a higher-than-expected loss in its Ford Model e electric-vehicle business due to ongoing price wars.

Persons: Wolfgang Rattay, Ford, Nathan Gomes, Paul Lienert, Devika Syamnath, Matthew Lewis Organizations: REUTERS, Ford Motor, Thursday, United Auto Workers, UAW, Ford, Wednesday, Detroit Three, Anderson Economic Group, General Motors, Tuesday, Ford Model, Thomson Locations: Frankfurt, Germany, Detroit, Texas, Bengaluru

Oct 26 (Reuters) - Ford (F.N) autoworkers were set to head back to work after the United Auto Workers (UAW) union reached a tentative labor deal with the company late Wednesday. Ford was the first of Detroit's Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers since mid-September. The UAW will now turn its attention to talks with General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI). The UAW told Ford workers now on strike to return to their jobs during the ratification process. That means production of Ford Super Duty pickups, Ford Bronco and Explorer SUVs and Ranger trucks could restart this week.

Persons: Ford, Harley Shaiken, Shawn Fain, Jim Farley, David Shepardson, Joseph White, Abhirup Roy, David Gaffen, Mark Porter Organizations: United Auto Workers, UAW, General Motors, Chrysler, Ford, University of California, GM, Ford Bronco, Thomson Locations: University of California Berkeley, Washington, Detroit

DETROIT (AP) — General Motors and Jeep maker Stellantis are meeting with United Auto Workers bargainers Thursday to see if they can reach a contract agreement that mirrors a deal signed with crosstown rival Ford. Nearly 17,000 striking workers at Ford left the picket lines when the agreement was announced Wednesday night and will return to work shortly. About 57,000 Ford workers still have to vote on the tentative pact. It wasn't clear what Ford agreed to in terms of battery factories. Ford had announced plans to build two battery factories in Kentucky, one in Tennessee and another in Michigan, but the Michigan plant is now on hold.

Persons: Shawn Fain, Wheaton, “ Fain, ” Wheaton, it's, Ford, haven’t Organizations: DETROIT, —, Motors, United Auto Workers, Ford, GM, Cornell University, Chevrolet, UAW, Workers, Toyota, Moody’s Investor Service Locations: Fort Wayne , Indiana, Flint , Michigan, Arlington , Texas, Kentucky, Tennessee, Michigan

SAN FRANCISCO (AP) — Ford on Thursday reported significant growth in the third quarter, although its financial results fell short of Wall Street estimates. The results came out just a day after Ford reached a tentative contract agreement with the United Auto Workers union. The Ford deal could set the pattern for agreements with the other two automakers, where workers will remain on strike. The UAW called on all workers at Ford to return to their jobs and said that will put pressure on GM and Stellantis to bargain. Shares in Ford Motor Co., which is based in Dearborn, Michigan, were down 3.4% in after-hours trading following the earnings report.

Persons: — Ford, Ford, John Lawler, Lawler, “ We’re, ”, Farley, Kumar Galhotra, “, Shawn Fain, Tom Krisher Organizations: FRANCISCO, Ford, EV, United Auto Workers, General Motors, UAW, Ford Motor Co, Associated Press Locations: Kentucky, Marshall , Michigan, Dearborn , Michigan, Detroit

☆ What’s next for the auto strikes
▼ + stars: | 2023-10-26 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +8 min

But the strike at the company isn’t quite over, and there’s no immediate end in sight for the strikes at General Motors and Stellantis. And pay increases will be even greater for some workers who were being paid at a lower pay tier. Generally union members do not return to work when a tentative agreement is reached until after a ratification vote is concluded. The Mack Trucks deal also had double-digit pay hikes of 10% immediately and 20% over the four-year life of that contract. But it didn’t have the COLA or some of the other gains the union achieved in the deal at Ford.

Persons: “, Ford, Isaiah Goddard, He’s, ”, Chuck Browning, Shawn Fain, “ We’re, John Deere, Mack Trucks, Fain, John Lawler Organizations: New, New York CNN, Ford, General Motors, United Auto Workers, Chrysler, CNN, UAW, Stellantis, GM, Management, Fortune, EV Locations: New York, Ypsilanti , Michigan, Ford

☆ Ford will postpone about $12 billion in EV investment as buyers become more cautious
▼ + stars: | 2023-10-26 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

As a result, it's postponing about $12 billion in planned spending on new EV manufacturing capacity. But it now plans to ramp up its EV manufacturing capacity, and its spending on that capacity, more gradually than previously planned. Lawler said that Ford will postpone about $12 billion in planned spending on manufacturing capacity for EVs, including a planned second battery plant at a new campus in Kentucky. But, he noted, construction of Blue Oval City – Ford's new EV manufacturing campus in Tennessee – will continue as originally planned. As part of its third-quarter earnings report, Ford said on Thursday that its electric-vehicle business unit, called Ford Model e, lost $1.3 billion on an operating basis in the period.

Persons: Ford's –, Ford, John Lawler, Lawler Organizations: Ford, Blue Oval, Model, United Auto Workers Locations: North America, Kentucky, Tennessee

☆ US third-quarter economic growth seen fastest in nearly 2 years
▼ + stars: | 2023-10-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

While the anticipated robust growth pace notched last quarter is probably not sustainable, it would demonstrate the economy's resilience despite aggressive interest rate hikes from the Federal Reserve. According to a Reuters survey of economists, GDP likely increased at a 4.3% annualized rate last quarter, which would be the fastest since the fourth quarter of 2021. Others are not too concerned, noting the labor market continues to churn out jobs at a solid clip. Growth last quarter was also seen lifted by a smaller trade deficit, thanks to strong exports and increased inventory investment. But the labor dispute, which is costing auto makers millions of dollars per week, could weigh on growth in the fourth quarter.

Persons: Andrew Kelly, Joe Biden's, Sal Guatieri, Luke Tilley, it's, Yelena Shulyatyeva, Brian Bethune, Lucia Mutikani, David Gregorio Our Organizations: REUTERS, Business, WASHINGTON, Federal Reserve, United Auto Workers, BMO Capital Markets, Consumer, Wilmington Trust, Labor, Labor Department, U.S, Treasury, Financial, Group's, BNP, Boston College, Thomson Locations: Brooklyn , New York City, U.S, Toronto, American, Wilmington, Philadelphia, New York

☆ Ford is set to report earnings on the heels of its tentative deal with the UAW
▼ + stars: | 2023-10-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — Ford Motor is set to report its third-quarter earnings after the bell Thursday. Here's what Wall Street is expecting, according to average estimates compiled by LSEG, formerly known as Refinitiv. Aside from earnings, Wall Street will be watching the impact of the United Auto Workers union's nearly six-week strike against the automaker, which ended Wednesday night for Ford after the sides reached a tentative agreement. Barclays analyst Dan Levy estimates the total strike impact to Ford was $600 million to $700 million. That would be less than the $800 million impact, including $200 million in the third quarter, GM reported Tuesday.

Persons: Dan Levy, Ford, Levy Organizations: DETROIT, LSEG, United Auto Workers, Ford, Barclays, GM

☆ Morning Bid: Haunted by 5% ahead of ECB, GDP and Amazon
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. With Amazon due to report later, there was no respite for the so-called 'Magnificent Seven' Wall St behemoths or the wider market ahead of Thursday's open. The bond market seemed unimpressed even as the U.S. House of Representatives ended a three week hiatus by electing Republican Mike Johnson, a conservative with little leadership experience, as speaker. European stocks (.STOXXE) and the euro dropped sharply, meantime, as regional banking shares were hit ahead of the European Central Bank's policy decision later in the day. Key developments that should provide more direction to U.S. markets later on Thursday:* European Central Bank policy decision and press conference.

Persons: Brendan McDermid, Mike Dolan, Israel, Republican Mike Johnson, Johnson, Joe Biden's, AO, Bunge, Northrop, Wang Yi, Antony Blinken, Emelia Sithole Organizations: New York Stock Exchange, REUTERS, Google, Big Tech, Nasdaq, Semiconductor, SOX, Bank of Japan, U.S . House, Republican, United Auto Workers, Ford, European, ECB, Chartered, BNP, Central Bank, Turkish Central Bank, Fed, Intel, UPS, Honeywell, Merck, Comcast, Mastercard, Capital, Energy, Mohawk, Eastman Chemical, Camden Property, AO Smith, Hasbro, Myers Squibb, Boston Scientific, Hershey, Northrop Grumman, Treasury, Foreign, U.S, Brussels Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Wall, Israel, Gaza, Philadelphia, Bank, Ukraine, China, Kansas, Bristol, Washington, Brussels

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