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☆ Premarket stocks: Markets and consumers are in an upbeat mood. Here's why
▼ + stars: | 2023-07-21 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Stocks and consumer sentiment are rising in tandem after slumping last year, in another sign of growing optimism that the economy could dodge a recession. Consumer sentiment tracked by the University of Michigan jumped 13% in July, notching its second consecutive month of improvement. That comes after stocks and consumer sentiment tumbled in 2022 as sticky inflation and the Federal Reserve’s aggressive pace of interest rate hikes spurred fears that the US economy would tip into a recession. “Consumer sentiment reached levels consistent with the lows of some past recessions last summer,” wrote Lori Calvasina, head of US equity strategy at RBC Capital Markets. Still, consumer sentiment could decline if more people lose their jobs, paychecks and spending power.

Persons: CNN —, ”, Lori Calvasina, Ed Moya, Moya, Jon Ekoniak, Pete Muntean, Vanessa Yurkevich, Robert Travis, “, ” Read, Michelle Toh, Kan, Read Organizations: CNN Business, Bell, CNN, University of Michigan, RBC Capital Markets, OANDA, JPMorgan Chase, Citigroup, Bordeaux Wealth Advisors, UPS, Teamsters, United Parcel Service, Independent Pilots Association, Brotherhood of Teamsters, South, Starbucks Asia Locations: That’s, BlackRock, Wells Fargo, South Korean, Hong Kong, Indonesia, South Korea, Philippines

A strike could be one of the costliest in at least a century, with the impact of a 10-day strike topping $7 billion, according to one think tank. UPS pilots, who belong to a different union, would also stop flying in solidarity with the striking workers. The Teamsters have been holding "practice pickets" in major cities around the country to keep pressure on UPS. On the other hand, UPS is the largest employer of Teamsters at a time when unions are fighting to grow. "We believe an August 1 strike at UPS remains possible but not yet probable," Susquehanna analyst Bascome Majors said in a client note.

Persons: Mike Blake, Sean O'Brien, Joe Biden, Bascome Majors, Lisa Baertlein, Priyamvada, David Shepardson, Chris Reese, Josie Kao Organizations: teamsters, UPS, REUTERS, United Parcel Service, Teamsters, International Brotherhood of Teamsters, Twitter, Reuters, Thomson Locations: L.A, Los Angeles , California, U.S, United States, Susquehanna, Los Angeles, Bengaluru, Washington

The world's biggest package delivery firm and the International Brotherhood of Teamsters have until midnight on July 31 to reach a contract deal covering some 340,000 workers that sort, load and deliver packages in the United States. If a deal is not done by the deadline, UPS workers have vowed to strike. A 10-day strike could cost the U.S. economy more than $7 billion, according to a recent estimate from Anderson Economic Group. "A new Teamsters deal could drive cost per piece (about) 2% higher than current expectations," Susquehanna analyst Bascome Majors said in a client note this week. Reporting by Lisa Baertlein in Los Angeles Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Bascome Majors, Alfredo Ortiz, Bernie Marcus, we're, Ortiz, Lisa Baertlein, Chris Reese Organizations: Wednesday, United Parcel Service, Teamsters, International Brotherhood of Teamsters, UPS, Anderson Economic, Retail Industry, Association, Network, Home, Thomson Locations: ANGELES, U.S, United States, Susquehanna, Los Angeles

☆ UPS says focused on reaching a labor deal before Aug. 1
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: 1 min

July 14 (Reuters) - Delivery firm United Parcel Service (UPS.N) said on Friday the company is focused on reaching an agreement with the Teamsters workers' union before Aug. 1. Reporting by Aishwarya Nair in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Aishwarya Nair, Saumyadeb Organizations: Parcel Service, Teamsters, Thomson Locations: Bengaluru

[1/5] Sean O'Brien, President of the International Brotherhood of Teamsters, speaks to UPS Teamsters during a picket ahead of an upcoming possible strike, outside of a UPS Distribution Center in Brooklyn, New York, U.S., July 14, 2023. The contract covering UPS workers who sort, load and deliver packages expires on July 31. I assume at some point they'll be reaching out looking to try and get a deal," Sean O'Brien, general president of the International Brotherhood of Teamsters, told Reuters following a worker rally in New York. Earlier in the day, UPS said it remained focused on reaching an agreement before the current one expires. UPS, which aims to hold down labor costs to compete with non-union rivals, could lose customers in a strike, while the Teamsters count UPS as the largest employer of Teamster-represented U.S. workers.

Persons: Sean O'Brien, Brendan McDermid, he's, O'Brien, Lisa Baertlein, John Stonestreet Organizations: International Brotherhood of Teamsters, UPS Teamsters, UPS, REUTERS, United Parcel Service, Teamsters, Reuters, Teamster, Thomson Locations: Brooklyn , New York, U.S, ANGELES, New York, Los Angeles

That estimate from Michigan-based Anderson Economic Group (AEG) includes UPS customer losses of $4 billion and lost direct wages of more than $1 billion. A 15-day UPS strike in 1997 disrupted the supply of goods, cost the world's biggest parcel delivery firm $850 million and sent some customers to rivals like FedEx (FDX.N). Roughly 340,000 union-represented UPS workers handle about a quarter of U.S. parcel deliveries and serve virtually every city and town in the nation. A strike could delay millions of daily deliveries, including Amazon.com (AMZN.O) orders, electronic components and lifesaving prescription drugs, shipping experts warned. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike that shut down its profitable U.S. operations.

Persons: Patrick Anderson, Anderson, GM's, Bruce Chan, Chan, Lisa Baertlein, Priyamvada, Pooja Desai, Jonathan Oatis, David Gregorio Our Organizations: United Parcel Service, Anderson Economic Group, AEG, UPS, FedEx, stoke, International Brotherhood of Teamsters, Teamsters, Consumers, UAW, Teamster, Thomson Locations: U.S, Michigan, Los Angeles, Bengaluru

☆ Potential UPS strike could cost customers over $4 bln - report
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: 1 min

July 13 (Reuters) - A potential strike by about 340,000 workers of The Teamsters Union against United Parcel Service (UPS.N) could cause its customers to incur losses in excess of $4 billion, according to an analysis released by a consulting firm on Thursday. A 10-day strike would likely furlough those workers who are currently earning annual wages of about $90,000 per year (excluding benefits), resulting in wage losses of $1.1 billion, Anderson Economic Group said. Reporting by Priyamvada C in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Priyamvada, Pooja Desai Organizations: The Teamsters Union, United Parcel Service, Anderson Economic, Thomson Locations: Bengaluru

[1/2] United Auto Workers President Shawn Fain greets workers at the Stellantis Sterling Heights Assembly Plant, to mark the beginning of contract negotiations in Sterling Heights, Michigan, U.S. July 12, 2023. REUTERS/Rebecca Cook/File PhotoDETROIT, July 13 (Reuters) - United Auto Workers President Shawn Fain is not a shouter. When he addresses union members in Facebook videos, or appears in public, he rarely raises his voice. "The only real limits we have are the ones we place on ourselves," he told union members in a video address on Tuesday. LONG-TERM TECHNOLOGY THREATSThe UAW president is unsparing in criticism of his immediate predecessors - two of whom, Dennis Williams and Gary Jones, were convicted of corruption.

Persons: Shawn Fain, Rebecca Cook, Fain, I’ve, Malcolm X, Bernie Sanders, Dennis Williams, Gary Jones, “ We’re, Matt Frantzen, “ He’s, Frantzen, Tesla, Peter Berg, Joe White, Ben Klayman, Bianca Flowers, David Shepardson, Matthew Lewis Organizations: United Auto Workers, Sterling Heights Assembly, REUTERS, DETROIT, UAW, Detroit, General Motors, Ford, EV, GM, Teamsters, United Parcel Service, Toyota, Michigan State University, Thomson Locations: Sterling Heights, Sterling Heights , Michigan, U.S, Washington, Belvidere , Illinois, Hollywood, California, Detroit, Chicago

WASHINGTON, July 7 (Reuters) - Acting U.S. Labor Secretary Julie Su said on Friday she does not see a need at this stage to step in to urge parties to reach a deal in contract talks between the Teamsters Union and United Parcel Service (UPS.N). "That is right," Su said on CNN when asked if she felt there was no need for her to intervene at this stage. On Wednesday, the Teamsters said UPS "walked away" from negotiations over a new contract. If talks break down, UPS workers have already authorized a strike that would be their first since 1997. Su recently helped negotiate a crucial contract deal between U.S. West Coast seaport employers and a union representing 22,000 workers.

Persons: Julie Su, Su, Karine Jean, Pierre, Joe Biden's, Jean, Pierre said, Kanishka Singh, Nandita Bose, David Holmes, David Gregorio Our Organizations: Labor, Teamsters Union, United Parcel Service, CNN, Teamsters, UPS, White, U.S ., Thomson Locations: U.S . West Coast, Washington

Key economic data is due before the meeting, including the monthly U.S. jobs report on Friday. “The markets are in a wait-and-see for the economic data,” said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest Wealth Management. Materials (.SPLRCM) fell most among S&P 500 sectors, shedding 2.5%. Chip stocks fell after China said it would control exports of some metals widely used in the semiconductor industry as tensions between Beijing and Washington rise over access to high-tech microchips. The S&P 500 posted 18 new 52-week highs and one new low; the Nasdaq Composite recorded 55 new highs and 65 new lows.

Persons: ”, Paul Nolte, “, Jack Ablin, Lewis Krauskopf, Sinead Carew, Bansari Mayur Kamdar, Johann M, Marguerita Choy, Vinay Dwivedi Organizations: Fed, Dow, Nasdaq, U.S, U.S . Federal, Murphy, Sylvest Wealth Management, “, Dow Jones, Semiconductor, Intel, Texas, Twitter, Meta, Cresset, United Parcel Service, Teamsters Union, UPS, NYSE, Thomson Locations: U.S ., China, Beijing, Washington, Philadelphia, New York, Bengaluru

SummarySummary Companies UPS slips after Teamsters say it walked away from talksModerna climbs on deal to develop mRNA medicines in ChinaChip stocks slide on China's export curbsFed minutes awaited at 2:00 p.m. ETFutures down: Nasdaq 0.51%, S&P 0.42%, Dow 0.42%July 5 (Reuters) - Wall Street futures fell on Wednesday as investors awaited minutes of the Federal Reserve's June meeting for clues on the central bank's monetary policy path, while Sino-U.S. tensions and weak economic data from Beijing dented sentiment. Investors are focused on the Fed minutes, expected to be released around 2 p.m. More economic data, including the non-farm payrolls report on Friday, is scheduled for release this week. ET, Dow e-minis were down 146 points, or 0.42%, S&P 500 e-minis were down 19 points, or 0.42%, and Nasdaq 100 e-minis were down 78 points, or 0.51%.

Persons: Ipek Ozkardeskaya, Goldman Sachs, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Vinay Dwivedi Organizations: Moderna, Dow, Wall, Sino, Microsoft, Investors, Fed, Swissquote Bank, Traders, Nvidia, Micron Technology, Netflix, Wolfspeed Inc, Renesas Electronics Corp, Tesla, Dow e, Nasdaq, United Parcel Service, Teamsters, Rivian, Thomson Locations: China, U.S, Beijing, Washington, Germany, Bengaluru

☆ Explainer: Why U.S. labor unions are gaining leverage in contract talks with big employers
▼ + stars: | 2023-07-05 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

July 5 (Reuters) - U.S. union workers are finding more solid footing during contract negotiations with employers as a tight labor market allows employees to flex more bargaining power. Airline pilots, railroad employees, dockworkers, and others have pushed for higher pay and better benefits, rebuffing offers from companies that in some contracts appeared significant. The two on Wednesday accused each other of walking away from negotiations over a new contract. WHAT ARE SOME NOTABLE UPCOMING CONTRACT NEGOTIATIONS? Among U.S. airlines, Southwest Airlines (LUV.N) is yet to reach an agreement with its pilots union.

Persons: Joe Biden, Aishwarya Nair, Sriraj Organizations: Airline, United Parcel Service, Teamsters Union, Congress, Unions, United Auto Workers ', UAW, Detroit, Stellantis, General Motors Co, Ford Motor, U.S, Southwest Airlines, Southwest Airlines Pilots Association, Thomson Locations: Washington, Bengaluru

☆ Stocks making the biggest moves midday: Meta Platforms, Coinbase, UPS, General Motors & more
▼ + stars: | 2023-07-05 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Meta Verified displayed on mobile with Meta on screen, seen in this photo illustration, on February 27, 2023 in Brussels, Belgium. Meta Platforms — Shares of the social media giant rose more than 2% even after a European Court ruled against Meta in an anti-trust case on Tuesday. Moderna – The Massachusetts-based biotechnology company added 2.1% after announcing it reached an agreement with officials to manufacture and develop mRNA medicines in China. General Motors — The legacy automaker added climbed nearly 1% after the company said U.S. sales increased 18.8% in the second quarter. The union said in a statement Wednesday that talks had collapsed after UPS "walked away" from negotiations.

Persons: Meta, Coinbase, Piper Sandler, Coinbase hasn't, —, General Motors, Donald Trump, Samantha Subin, Tanaya Macheel, Michelle Fox, Hakyung Kim, Jesse Pound, Alex Harring Organizations: Meta, Twitter, Renesas Electronics, Moderna, General, Equity Investment, Brookfield, United Parcel Service, Teamsters, UPS, Securities and Exchange Commission, SEC Locations: Brussels, Belgium, The Massachusetts, China

Investors are focused on the Fed minutes, expected to be released around 2 p.m. Bets for a 25-basis-point rate hike in July stood at 83%, while traders have priced in a 32% chance the U.S. central bank would deliver another hike by October, according to Refinitiv data. "Stocks have accounted for another 25 basis point rate hike when the Fed meets later this month, but a lot of people are divided on whether or not there's going to be another rate hike (after July)." More economic data, including the non-farm payrolls report on Friday, is scheduled for release later this week. Declining issues outnumbered advancers by a 3.73-to-1 ratio on the NYSE and a 2.24-to-1 ratio on the Nasdaq.

Persons: Robert Pavlik, Goldman Sachs, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Vinay Dwivedi Organizations: Netflix, Dow, Nasdaq, Sino, Dakota Wealth, Fed, Traders, U.S, Nvidia, Micron Technology, Semiconductor, SOX, Renesas Electronics Corp, Tesla, Dow Jones, United Parcel Service, Teamsters Union, Moderna, NYSE, Thomson Locations: China, U.S, Beijing, Washington, Philadelphia, Bengaluru

☆ UPS, Teamsters accuse each other of walking away from contract talks
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: +2 min

The United Parcel Service Inc. (UPS) logo is displayed on a truck parked in New York. The Teamsters Union said on Wednesday United Parcel Service "walked away" from negotiations over a new contract, a claim the shipping giant denied, lobbing its own accusation that the union had stopped negotiating. UPS workers have already authorized a strike should the talks break down. Such a labor action would be the first since 1997 for UPS workers, in a strike that lasted 15 days. The union had earlier in the day said UPS made an offer that was unanimously rejected and that the company had "walked away from the bargaining table."

Persons: Sean O'Brien, O'Brien Organizations: United Parcel Service Inc, Teamsters Union, Wednesday United Parcel Service, salvos, UPS, Teamsters, Labor Locations: New York

☆ Stocks making the biggest moves in the premarket: Rivian, UPS, Coinbase and more
▼ + stars: | 2023-07-05 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

The Securities And Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, a broker and a clearing agency without registering with the Securities and Exchange Commission. United Parcel Service — Shares of the logistics and delivery company fell more than 1% in premarket trading as negotiations between UPS and the Teamsters union appeared to hit an impasse. The union said in a statement Wednesday that negotiations had collapsed after UPS "walked away from the table." UPS said in response that it had not walked away and was encouraging the union to return to the table. The current UPS Teamsters contract expires at the end of July.

Persons: Justin Sullivan, Coinbase, Piper Sandler, Hertz, Hertz — Hertz, Jefferies, Macheel, Jesse Pound Organizations: Securities, Exchange, Securities and Exchange Commission, United Parcel Service, UPS, Teamsters, UPS Teamsters, Coinbase, AstraZeneca, Citi, Hertz — Locations: CALIFORNIA, San Anselmo , California

☆ Arrival, Nikola signal more pain for EV startups
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Arrival SA will terminate plans to merge with a blank-check firm and Nikola Corp will offload its newly acquired battery unit, the companies said on Monday, amplifying concerns over the struggles electric vehicle (EV) startups face in building scale. Meanwhile, Nikola Corp (NKLA.O) will liquidate the assets of Romeo Power, an EV battery maker it acquired less than a year ago, to energize the business. In contrast, electric vehicle behemoth Tesla (TSLA.O) and California-based Rivian Automotive (RIVN.O) beat market estimates for second-quarter deliveries. Arrival had in April bet that the second reverse merger would release $283 million of cash held in trust before redemptions. The EV startup in May reported a 37% slump in cash and cash equivalent at the end of the first three months of the year, from the preceding quarter.

Persons: Nikola Corp, Romeo Power, Tesla, Van, Akash Sriram, Sriraj Organizations: Nikola Corp, Kensington Capital, Corp, Romeo, EV, CIIG Merger Corp, United Parcel Service, Thomson Locations: British, Kensington, California, Charlotte , North Carolina, Bengaluru

☆ Revised UPS contract offer makes 'significant' movement on pay -Teamsters
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: 1 min

LOS ANGELES, June 30 (Reuters) - United Parcel Service (UPS.N) has delivered a revised offer with "significant movement on wages and other economic language," the union representing roughly 340,000 U.S. drivers, package handlers and loaders at the global delivery firm said on Friday. The International Brotherhood of Teamsters union said UPS has requested more time to negotiate and pledged to reach a deal no later than July 5. Earlier this week the International Brotherhood of Teamsters union demanded that UPS make its "last, best, and final offer no later than June 30." The contract covering U.S. UPS workers expires at midnight on July 31. Reporting by Lisa Baertlein in Los Angeles Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Lisa Baertlein, Matthew Lewis Organizations: United Parcel Service, Brotherhood of Teamsters, UPS, U.S, Thomson Locations: ANGELES, Los Angeles

☆ UPS working with experts after phishing attack on some shippers, customers
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - United Parcel Service (UPS.N) said on Wednesday it is working with law officials and outside experts following reports of phishing messages that were sent via text messages to certain shippers and their customers in Canada. The package delivery company did not disclose the number of customers and shippers impacted. "Law enforcement has indicated that there has been an increase in smishing (SMS phishing), impacting a number of shippers and many different industries," UPS said in an emailed statement. UPS said it was sending privacy incident notification letters to individuals in Canada whose information may have been impacted. Reporting by Priyamvada C and Aishwarya Nair in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Priyamvada C, Aishwarya Nair, Shilpi Majumdar Organizations: United Parcel Service, UPS, Security, Thomson Locations: Canada, U.S, Bengaluru

☆ With month before strike deadline, Teamsters walk away from talks with UPS
▼ + stars: | 2023-06-28 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —The Teamsters union says it has walked away from negotiations with United Parcel Service with just over a month to go before its contract expires. In fact, most union labor negotiations include a strike authorization vote by rank and file, and most negotiations conclude with an agreement rather than a strike. Even if they vote no, it does not mean a strike is inevitable, especially this far from a strike deadline. UPS CEO Carol Tome has insisted there can be a deal reached that is a win for the union members, the company and its customers. Teamsters point to record UPS profitsThe Teamsters haven’t publicly disclosed the wage increase union negotiators are seeking.

Persons: Sean O’Brien, “, ”, Carol Tome, Teamsters haven’t, O’Brien Organizations: New, New York CNN, Teamsters, United Parcel Service, UPS, ” Unions, Disney, FedEx, US Postal Service Locations: New York

Overstock.com is going all in on failed retailer Bed Bath & Beyond. It will relaunch the Bed Bath & Beyond website in Canada within the next week, followed by a rollout of a website, mobile app and loyalty program in the U.S. "weeks later." "Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace," Overstock CEO Jonathan Johnson said in a statement. Overstock will not acquire any brick-and-mortar Bed Bath stores as part of the deal. A number of bidders have expressed interest in Buy Buy Baby's stores but it remains unclear if any will be bought and kept open.

Persons: Overstock, Jonathan Johnson Organizations: United Parcel Service, Bed Locations: Salt Lake City , Utah, Overstock.com, Canada, U.S

Union workers missed out on a frenzy of wage increases by employers desperate for workers during the height of the COVID-19 pandemic. Low unemployment makes it easier for union workers to stand firm during negotiations. Union workers also want more affordable healthcare, paid sick time and more-flexible scheduling for greater work-life balance. Some workers said the base wage increase was insufficient and balked at higher out-of-pocket medical costs. Late last year, U.S. freight railroad workers rejected a five-year contract that included a 24% wage increase, citing lack of paid sick leave.

Persons: Diane Swonk, Erin McLaughlin, Willie Adams, Sam Johnson, Johnson, Joe Biden, Todd Vachon, Garth Thompson, Lisa Baertlein, Bianca Flowers, Rajesh Kumar Singh, David Gregorio Our Organizations: Workers, Spirit, Deere & Co, Reuters, KPMG, Conference Board, Conference, . West, International Association of Machinists, Aerospace Workers, Caterpillar, Congress, Unions, Union, CNH, Deere, Midwest, Rutgers, United Parcel Service, International Brotherhood of Teamsters, United Auto Workers, Detroit automakers, General Motors, Ford, FedEx, American Airlines, Pilots, United, United Airlines, Thomson Locations: U.S, . West Coast, Wichita , Kansas, Decatur , Illinois, Wisconsin, Iowa, West, Los Angeles, Chicago

☆ Wall Street extends sell-off as Powell hints at further rate hikes
▼ + stars: | 2023-06-21 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

All three major U.S. stock indexes notched their third straight daily declines, with megacap tech- and tech-related shares weighing most. Tesla Inc (TSLA.O), along AI-related stocks such as Microsoft Corp (MSFT.O) and Nvidia Corp (NVDA.O) were the heaviest drags. "There could be one more rate hike, but I don’t think anyone's buying the fact that there will be two. "A big portion of today’s weakness is because Tesla had one of its worst days in a while," Detrick added. "After a record win streak some kind of weakness is perfectly acceptable and normal."

Persons: Tesla, Jerome, Ryan Detrick, Powell, Detrick, Stephen Culp, Shubham Batra, Johann M Cherian, Ankika Biswas, Aurora Ellis Organizations: FedEx, Barclays, NEW, Federal, Carson Group, Tesla, Microsoft Corp, Nvidia Corp, . House Financial Services, Nasdaq, Dow Jones, Tesla Inc, United Parcel Service Inc, Thomson Locations: Omaha, Bengaluru

All S&P 500 sub-sectors fell, with the rate-sensitive real estate sector (.SPLRCR) leading the declines, with a 0.8% drop. In the previous session, Wall Street's main indexes fell as investors booked profits in the wake of a sustained market rally amid signs of weakening global demand. Still, the benchmark S&P 500 (.SPX) has advanced around 14% so far this year. If a U.S. recession becomes more likely, Goldman Sachs (GS.N) said investors should maintain upside exposure to equities by using options to hedge a potential 23% fall in the S&P 500 index (.SPX). It holds chances of a recession at 25%, and in that base case, it expects the S&P 500 to rise to 4,500 - about 2.5% higher than current levels.

Persons: Jerome Powell, Powell, Volcker, that's, Peter Cardillo, Goldman Sachs, Li Auto, advancers, Shubham Batra, Johann M Cherian, Ankika Biswas, Stephen Culp, Arun Koyyur Organizations: FedEx, China EV, Dow, Financial, U.S, Fed, Spartan Capital Securities, United Parcel Service, Dow Jones, Nasdaq, Nio Inc, Xpeng, Adobe, Capital Markets, NYSE, Thomson Locations: China, U.S, Bengaluru

[1/2] A view of signage at a FedEx Ground distribution center in Carson, California, U.S., September 16, 2022. REUTERS/Bing Guan/File PhotoLOS ANGELES, June 20 (Reuters) - FedEx (FDX.N) on Tuesday said it will merge its contractor-based Ground delivery operations in Canada into its company-operated Express unit and convert contractors into employees. FedEx made a similar change in the U.S. states of Alaska and Hawaii last year. Still, the company said there will be U.S. markets where packages shift from Express to Ground, its outsourced delivery arm. In those cases, the company said it would continue to use delivery contractors as part of its "hybrid" worker model.

Persons: Bing Guan, D.E, Shaw, Lisa Baertlein, Leslie Adler, Lisa Shumaker Organizations: FedEx, REUTERS, United Parcel Service, Company, Thomson Locations: Carson , California, U.S, Canada, Alaska, Hawaii, Memphis , Tennessee, Los Angeles

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