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DETROIT (AP) — The United Auto Workers union has widened its strike against General Motors, the lone holdout among the three Detroit automakers, after reaching a tentative contract agreement with Jeep maker Stellantis. About 14,000 UAW workers had been on strike at two Stellantis assembly plants in Michigan and Ohio, and several parts distribution centers across the country. Workers also will get cost-of-living pay that would bring the raises to a compounded 33%, with top assembly plant workers making more than $42 per hour. Like the Ford contract, the Stellantis deal would run through April 30, 2028. Negotiations between the UAW and Stellantis had intensified Thursday, the day after the Ford deal was announced.

Persons: ”, Erik Gordon, Ford, Stellantis, Shawn Fain, ” “ Everybody’s, Larry Montgomery, John Rutherford, Spring Hill didn’t, Fain, “, ” Fain, Rich Boyer, Gordon, Bruce Baumhower, Baumhower, Jermaine Antwine, Bajak, John Raby, Corey Williams, Haleluya Organizations: DETROIT, United Auto Workers, General Motors, Detroit, UAW, GMC Acadia, Cadillac, University of Michigan, GM, Ford, ” UAW, Workers, Toyota, Tesla, Jeep, Hollywood Locations: Hill , Tennessee, North America, Texas , Michigan, Missouri, Tennessee, Belvidere , Illinois, Spring Hill, Stelantis, Michigan, Ohio, Stellantis, Belvidere, Trenton , Michigan, Toledo , Ohio, Sterling Heights , Michigan, Pontiac , Michigan, Boston, Charleston , West Virginia, Jersey City , New Jersey

The United Auto Workers union said it reached a tentative deal with Stellantis on Saturday, six weeks after workers went on strike. Earlier in the week, Ford also reached a tentative agreement with the UAW. Photos: Emily Elconin/Bloomberg NewsThe United Auto Workers called a fresh strike at a General Motors factory in Tennessee, a surprise walkout after negotiators had been working nearly around the clock to finalize a new contract this weekend. Workers at GM’s factory in Spring Hill, Tenn., were ordered to go on strike Saturday evening, according to people with knowledge of the union’s plans. The strike came just as the UAW confirmed that it reached a tentative agreement with Chrysler parent Stellantis on a new labor contract.

Persons: Stellantis, Ford, Emily Elconin Organizations: United Auto Workers, UAW, Bloomberg, General Motors, Workers, Chrysler Locations: Tennessee, GM’s, Spring Hill, Tenn

☆ Ford’s Cost Problem Isn’t Just About EVs
▼ + stars: | 2023-10-27 | by ( Stephen Wilmot | ) 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 ImagesFord Motor lost about $37,000 on each electric vehicle it sold last quarter. It doesn’t help that the company’s gas-engine business also costs more than it should—a difference from crosstown rival General Motors that investors are ignoring at their peril. The third-quarter results Ford reported after hours on Thursday weren’t great, with an adjusted operating profit of $2.2 billion. By way of comparison, GM’s operating profit in the third quarter was $3.6 billion.

Persons: Michael Swensen Organizations: United Auto Workers, Ford, General Motors, Chrysler

☆ GM’s Cruise Pauses All Driverless Operations After California Crackdown
▼ + stars: | 2023-10-27 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

GM’s Cruise started offering a commercial driverless car service in June 2022, after years of testing the technology in California. Photo: ELIJAH NOUVELAGE/REUTERSCruise, the self-driving car unit of General Motors , is suspending all of its driverless operations across the U.S., after regulators in California said the vehicles aren’t safe in public and pulled the company’s self-driving permit. “The most important thing for us right now is to take steps to rebuild public trust,” Cruise said late Thursday in an online post. “Part of this involves taking a hard look inwards and at how we do work at Cruise.”

Persons: GM’s Cruise, ELIJAH NOUVELAGE, ” Cruise, ” Organizations: REUTERS, General Motors, Cruise Locations: California, U.S

☆ 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

☆ GM halting robotaxi services nationwide after California ban
▼ + stars: | 2023-10-27 | by ( Chris Isidore | Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

New York CNN —General Motors announced Thursday that it is putting the brakes on its driverless cars, halting a service that provides driverless rides in multiple cities. The move comes days after California revoked GM’s permits to test and operate fully driverless vehicles on the state’s roads. GM said the driverless vehicles are safer than human-driven cars. But there have been numerous problems with the vehicles’ operations. The National Highway Traffic Safety Administration has announced it has launched an investigation into the safety of its driverless vehicles around pedestrians.

Persons: ” Cruise, Cruise, “ Organizations: New, New York CNN — General Motors, California DMV, GM, Traffic, Administration, driverless Locations: New York, California, Cruise, San Francisco, Houston, Dallas, Austin , Texas, Phoenix, Miami, San Fransciso

☆ 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

☆ General Motors Finds Itself in a Jam
▼ + stars: | 2023-10-25 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

UAW union members have been striking over job security and pay as automakers push forward in developing EV’s, which require fewer workers and cost more in raw materials. So what does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalGeneral Motors is still churning out healthy profit—just not on the electric vehicles or potentially autonomous ones that investors care most about. GM’s third-quarter results on Tuesday came in better than expected. Net income of roughly $3.1 billion was down 7% from a very strong quarter last year, but higher than the $2.5 billion consensus that analysts had penciled in, according to FactSet.

Persons: George Downs Organizations: Street, Motors

But if the UAW can reach a tentative agreement with Ford, it would be used as a model to seek similar contract settlements with GM and Stellantis. Typically, during past auto strikes, a UAW deal with one automaker has led the other companies to match it with their own settlements. About 32% of the union’s 146,000 members at the automakers are now on strike and getting by on $500 per week in strike pay. The UAW also wants traditional defined-benefit pension plans restored for workers who were hired after 2007, an end to varying tiers of wages for UAW workers, pension increases for retirees and other benefits. One key issue is whether to extend the national UAW contract to 11 U.S. electric vehicle battery factories.

Persons: Ford, Shawn Fain, ’, Todd Dunn, “ I've, ” Dunn, “, Dunn, he's, ” Masters, Mary Barra, Wayne State's Masters, It's Organizations: DETROIT, United Auto Workers, Ford, Detroit, General Motors, UAW, GM, Kentucky, Plant, Ford's, Bloomberg News, Automotive, Marick, Wayne State University, Workers, Toyota, Moody's Investor Service Locations: Arlington , Texas, Sterling Heights , Michigan, Louisville, Detroit, Korean, Texas

☆ UAW Calls Strike on One of GM’s Largest and Most-Profitable Factories
▼ + stars: | 2023-10-24 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

UAW union members have been striking over job security and pay as automakers push forward in developing EV’s, which require fewer workers and cost more in raw materials. So what does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalThe United Auto Workers expanded its strike against Detroit’s automakers with a walkout at one of General Motors ’ largest and most profitable factories, marking the second straight day of escalation by the union. About 5,000 unionized workers walked out of GM’s Arlington, Texas, assembly plant Tuesday morning, the union said. The plant makes several large sport-utility vehicles, including the Chevrolet Suburban and Tahoe, GMC Yukon and Cadillac Escalade, which are GM’s highest-profit-margin vehicles globally.

Persons: George Downs Organizations: Street, United Auto Workers, Detroit’s, General Motors, Chevrolet, Tahoe, GMC Yukon, Cadillac Locations: GM’s Arlington , Texas

☆ GM Reports $3.1 Billion Profit, Despite UAW Strike Hit
▼ + stars: | 2023-10-24 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

GM’s results beat analysts’ estimates. Photo: rebecca cook/ReutersGeneral Motors posted a strong third-quarter profit despite a hit from the United Auto Workers strike, which now is draining about $200 million a week from its bottom line. GM also scrapped a self-imposed target for the number of electric vehicles it will produce through the middle of next year due to slackening demand for the technology, a surprising move for a company that had been an early mover in the space.

Persons: rebecca, Reuters General Motors Organizations: Reuters General, United Auto Workers, GM

CNN —The United Auto Workers union took its most serious shot yet at General Motors in its five-week old strike as 5,000 members walked off the job at a plant in Texas. Arlington Assembly builds GM’s very profitable full-size SUVs, the Chevrolet Tahoe and Suburban, GMC Yukon and Cadillac Escalade. The targeted strike at GM’s largest plant comes just hours after the company reported third quarter earnings, which grew last quarter despite the strike. It’s time GM workers, and the whole working class, get their fair share,” said UAW President Shawn Fain. “GM’s latest offer fails to reward UAW members for the profits they’ve generated,” said the union’s statement.

Persons: we’ve, ”, Shawn Fain, General Motors, Fain, it’s, “ Organizations: CNN, United Auto Workers, General Motors, Arlington Assembly, Chevrolet, GMC Yukon, Cadillac, General, Arlington, GM, UAW, Ford, Chrysler Locations: Texas, Suburban, GM’s, Ford, Arlington

☆ California suspends GM Cruise self-driving vehicles as 'not safe' for public
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +4 min

Cruise's AVs posed an "an unreasonable risk to public safety," and "are not safe for the public's operation" California's Department of Motor Vehicles (DMV) said in a statement. The suspension, which came after a series of accidents involving Cruise vehicles, is a major setback to GM's self-driving technology unit and to the nascent autonomous vehicle (AV) industry. That month, a Cruise robotaxi was involved in a crash with an emergency vehicle in San Francisco. Barra said the Cruise robotaxis have better safety records than human drivers. This month, U.S. auto safety regulators opened a probe into whether Cruise was taking sufficient precautions with its autonomous robotaxis to safeguard pedestrians.

Persons: Cruise, Elijah Nouvelage, Cruise's AVs, Mary Barra, robotaxi, Barra, Hyunjoo Jin, David Gregorio Our Organizations: REUTERS, Motors, California's Department of Motor Vehicles, Cruise, GM, DMV, California Department of Motor Vehicles, Traffic Safety Administration, UAW, Detroit Three, Thomson Locations: San Francisco , California, U.S, San Francisco, New York, Texas

DETROIT (AP) — The United Auto Workers union turned up the heat on General Motors as 5,000 workers walked off their jobs Tuesday at a highly profitable SUV factory in Arlington, Texas. The additional plants further escalate a labor dispute that's in its sixth week and now has about 46,000 union workers off the job. “It’s time GM workers, and the whole working class, get their fair share,” Fain said. Barra said GM’s record offer rewards employees but doesn’t put the company or UAW jobs at risk. Last week GM made an offer that increased its previous offer by about 25% in total value, the company said.

Persons: Cadillac Escalade, Shawn Fain, “, ” Fain, Mary Barra, Fain, GM’s, Barra, doesn’t, ”, it's, walkouts, haven't, Thomas Kochan, ” Kochan Organizations: DETROIT, United Auto Workers, General Motors, GMC Yukon, Cadillac, GM, Ford, Arlington, General Motors Co, Massachusetts Institute of Technology Locations: Arlington , Texas, Sterling Heights , Michigan, Detroit, Arlington

☆ GM earnings rise despite strike
▼ + stars: | 2023-10-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The company’s earnings per share rose to $2.28, up from $2.25, in the past quarter. The company said that the strike cost it $200 million in its first two weeks of the quarter. The UAW has been on strike against GM as well as rivals Ford and Stellantis since September 15. The targeted strike started with work stoppages at one assembly plant for each of the automakers and 12,700 on strike but has grown since then. There are now more than 40,000 autoworkers on strike, with 9,200 members on strike at GM alone.

Persons: Refinitiv, Shawn Fain, “, ”, Paul Jacobson, we’re, Mary Barra, “ It’s, ” Barra Organizations: New, New York CNN —, Motors, United Auto Workers, Revenue, UAW, GM, Ford, CNBC, EV, GM Financial, Chevrolet, GMC Yukon Locations: New York, Stellantis, China, Wentzville , Missouri, Lansing , Michigan, Arlington , Texas, Suburban, Ford, Arlington

☆ GM earnings give its restive workers an inch
▼ + stars: | 2023-10-24 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

On Tuesday, GM reported strong earnings that will embolden staff who have walked out at all three of the big Detroit firms. GM beat analysts’ expectations for third-quarter profit despite a $200 million hit from the strikes that started in September. That said, the firm run by Mary Barra also ditched its official forecast as it wrestles with the $200 million weekly costs from labor disruptions. Fortunately for GM, talks with its union seem to have narrowed in from earlier demands that would have vaporized the industry’s operating profit. Ongoing strikes by the United Auto Workers union, which represents GM employees, cost the company $200 million in the third quarter.

Persons: walkouts, Mary Barra, Shawn Fain, Tesla, Elon, Fain, John Foley, Sharon Lam Organizations: General Motors Company, Reuters, United Auto Workers, General Motors, Ford Motor, GM, Cox Automotive, UAW, Elon Musk’s, United Auto Workers union, Detroit, Thomson Locations: Queens , New York, U.S, Detroit, Wells, GM’s Arlington

☆ CMA CGM’s Saadé Urges Calm as Ocean Carrier Profits Plummet
▼ + stars: | 2023-10-20 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

Shipping billionaire Rodolphe Saadé said carriers should accept that the industry is returning to normal cycles that include long periods when profits are tight. Photo: benoit tessier/ReutersRodolphe Saadé, the billionaire chief executive of French container line CMA CGM, says the shipping industry shouldn’t panic over a sharp retreat in earnings. The head of the world’s third-largest liner company said in an interview that he expects the weak growth in global trade to continue through 2024. But Saadé said the tumbling profits from record highs during the Covid-19 pandemic essentially bring the business back to prepandemic levels.

Persons: Rodolphe Saadé, benoit tessier, Saadé Organizations: Shipping, CMA

☆ GM and Honda team up on autonomous ride service for Japan
▼ + stars: | 2023-10-18 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —General Motors and Honda, along with Cruise — GM’s autonomous driving subsidiary — have agreed to create a driverless ride-hailing company in Japan. The company will use the Cruise Origin autonomous vehicle to give rides in Tokyo, Japan’s largest city. The Cruise Origin, an electric vehicle GM builds at a factory in Detroit, has no steering wheel, pedals or space for a driver. GM said it plans to build 500 of the vehicles for the Tokyo ride-hailing service, which is expected to be the first autonomous ride-hailing service in Japan, according to the companies. “The range of situations our [autonomous vehicles] have encountered is quite broad,” Voigt said, noting obstacles such as jugglers on the streets of San Francisco and donkeys in Austin.

Persons: Cruise, Honda, General Motors Cruise, Kyle Voigt, Voigt, ” Voigt Organizations: CNN —, Motors, Honda, —, Cruise, GM, General Motors, Ministry of Internal Affairs and Communications, Traffic, Administration Locations: Japan, Tokyo, Japan’s, Detroit, California, San Francisco, Phoenix, Austin, United States

☆ Feds probing safety of GM’s robotaxis around pedestrians
▼ + stars: | 2023-10-17 | by ( ) edition.cnn.com time to read: +1 min

Reuters —The US auto safety regulator has opened a probe into whether General Motors’ self-driving unit Cruise has taken sufficient precautions with its autonomous vehicles to safeguard pedestrians, it said on Tuesday. The National Highway Traffic Safety Administration (NHTSA) said its Office of Defects Investigation has received two reports from Cruise of incidents in which pedestrians were injured, and has identified two further incidents via videos posted to public websites. NHTSA said the reports include Cruise autonomous vehicles “encroaching on pedestrians present in or entering roadways, including pedestrian crosswalks, in the proximity of the intended path of the vehicles”. In August the California Department of Motor Vehicles said it was investigating incidents involving Cruise in San Francisco, after a Cruise robotaxi was involved in a crash with an emergency vehicle. The California Public Utilities Commission voted in August to allow robotaxis from Cruise and Alphabet’s Waymo to operate around the clock, despite strong opposition from residents and city agencies.

Persons: Cruise, “, robotaxi Organizations: Reuters, General Motors, Traffic Safety Administration, NHTSA, California Department of Motor Vehicles, California Public Utilities Commission Locations: San Francisco, California, Cruise

☆ GM postpones electric truck production
▼ + stars: | 2023-10-17 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —General Motors is putting off adding a second factory for production of its electric pickups until late 2025, the automaker announced Tuesday. But GM had planned to start producing the electric pickups at an additional Michigan factory, Orion Assembly just north of Detroit, as well. Instead, when those electric vehicles go out of production at the end of this year, the factory will not shift quickly to making the trucks. General MotorsGM’s decision will result in fewer electric pickups being built next year but the automaker declined to discuss the extent of a reduction. GM had announced, in 2022, that it would spend $4 billion to convert Orion Assembly to make the electric trucks.

Persons: Bolt, Ford, Joseph Yoon, GM Organizations: CNN —, Motors, Silverado, Hamtramck Assembly, GMC Hummer, GMC Sierra EV, GM, Orion Assembly, Chevrolet Bolt, United Auto Workers, Orion, Chevrolet Silverado EV, General Motors, UAW, Ford, ”, Edmunds.com Locations: Detroit, Michigan

☆ Autoworkers in Canada OK deal with GM
▼ + stars: | 2023-10-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Members of Unifor, the Canadian union that represents 4,300 workers at GM, voted 80% in favor of the new deal, which gives them base-wage increases of nearly 20% during the life of the deal and improves their pensions. Had the GM rank and file of Unifor voted down the tentative deal, the union was prepared to immediately resume the strike. Unifor members in three Ontario cities went on strike at GM just after the deadline at 11:59 p.m. Monday. We did that.”“Nothing worthwhile is ever easy – and labor negotiations are no exception,” Marissa West, president and managing director of GM Canada, said in a statement. The two deals in Canada stand in contrast to the strike against the US operations of GM, Ford and Stellantis.

Persons: New York CNN —, Unifor, Mack Trucks, ”, Lana Payne, “, ” Marissa West, we’ve, ” Unifor, Shawn Fain Organizations: New, New York CNN, General Motors, Unifor, GM, Ford, United Auto Workers, GM Canada, Canada, North American, Jeep, Dodge, Chrysler, UAW Locations: New York, Canada, Ontario, “, Stellantis

☆ Canadian autoworkers go on strike at GM plants
▼ + stars: | 2023-10-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

But the plants that are on strike could affect GM’s US operations, because its engines and transmissions are used in vehicles built here. GM already is dealing with a strike by the United Auto Workers union at two of its US assembly plants and a strike of 18 parts distribution centers across 20 states. The UAW is also on strike against plants at GM rivals Ford and Stellantis, which builds cars under the Jeep, Ram, Dodge and Chrysler names. GM had already disclosed that it lost $200 million in the first two weeks of the UAW strike, which began on September 15. The UAW remained on strike at the GM plants where its members had already walked out.

Persons: “, ” Unifor, Shawn Fain Organizations: New, New York CNN, General Motors, Ford, Silverado, GM’s, United Auto Workers, UAW, GM, Jeep, Dodge, Chrysler, EV Locations: New York, Canada, Oshawa , Ontario, St . Catharines , Ontario, GM’s CAMI, Ingersoll , Ontario, Flint , Michigan, Fort Wayne , Indiana

☆ UAW says it scored a major concession from GM and will not expand its Big Three strike Friday
▼ + stars: | 2023-10-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

GM agreed to have the workers at its future EV battery plants be covered by the national labor agreement governing other UAW members at GM, Fain said, after the UAW threated an expansion of the strike to a GM plant in Arlington, Texas, that assembles the company’s full-sized SUVs. GM has in the past insisted that workers in battery facilities are not GM employees, since the plants are run by joint ventures it has with Asian battery companies. Then on September 29 the UAW declined to expand the strike against Stellantis, once again citing progress in talks, but added a strike against one assembly plant each at GM and Ford. The union has said all along it stood ready to expand the strike to increase pressure on the companies. Fain described the Arlington plant “GM’s biggest money maker.”“It was that threat that brought GM to the table,” he said.

Persons: Shawn Fain, Ford, Fain, ”, GM, ” Fain, “, we’re, “ It’s, “ We’ve, it’s, Cadillac Escalade Organizations: New, New York CNN — United Auto Workers, General Motors, GM, EVs, UAW, “, Workers, EV, Ford, Stellantis, Chevrolet, GMC Yukon, Cadillac Locations: New York, Arlington , Texas, Suburban, Arlington

☆ Unifor says GM resisting important elements of Ford pattern agreement
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 6 (Reuters) - Canadian workers union Unifor on Friday said General Motors (GM.N) was "resisting" a number of important elements of its pattern agreement with Ford Motor (F.N). Unifor represents about 4,300 workers at GM covered by these talks. GM Canada did not immediately respond to a Reuters request for comment. Unifor's talks with the Detroit Three automakers in Canada are separate from the United Auto Workers (UAW) union's coordinated action in the United States.

Persons: Rebecca Cook, Unifor's, union's, Shivansh, Maju Samuel Organizations: General Motors, REUTERS, Motors, Ford Motor, Ford, Unifor, GM, GM Canada, Detroit Three, United Auto Workers, UAW, United States, Detroit, Chrysler, Thomson Locations: Detroit , Michigan, U.S, Canada, United States, United, Bengaluru

☆ Why Wall Street investors are freaking out
▼ + stars: | 2023-10-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Here’s why investors are freaking out:Rates and the Fed: A surge in corporate debt sales and rising bond yields have sent stocks lower. Moody’s, the only major credit rating firm to keep a perfect score for the United States, has warned that a government shutdown would be “credit negative” for the United States. Geopolitical risks are still elevated as Russia’s war on Ukraine continues and relations between the United States and China remain tense. October also marks the end of the fiscal year for many mutual funds in the United States. Statistical evidence doesn’t quite support the phenomenon, but the level of superstitious caution on Wall Street is real.

Persons: Kevin McCarthy, ”, Michael Reinking, Mark Twain, ” Sam Bankman, Sam Bankman, Allison Morrow, Judge Lewis Kaplan, “, ” Kaplan, SFB, SBF, Caroline Ellison, Bernie Madoff, Chris Isidore, Vanessa Yurkevich Organizations: CNN Business, Bell, New York CNN, Dow, Federal Reserve, Fed, Markets, Republicans, “, Prosecutors, GM, Ford, Motors, United Auto Workers, Michigan Assembly, Jeep, Dodge, Chrysler, UAW Locations: New York, America’s Congress, United States, Ukraine, China, Manhattan, Fairfax, Kansas City , Kansas, Toledo, Lockport, Michigan, Wayne , Michigan, Kokomo , Indiana

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