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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

CNN —The White House is closely monitoring the upcoming labor talks in the US auto industry, negotiations that could put it at odds with the traditional support of a major union. “As a White House point person on key issues related to the UAW and Big Three, Sperling will help ensure Administration-wide coordination across interested parties and among White House policymakers,” a White House official confirmed to CNN. Sperling, the official added, “will work hand-in-glove with Acting [Labor] Secretary Julie Su on all labor-related issues.” He will need to coordinate across multiple White House offices and other stakeholders across government for this new task. So the shift to EVs, supported by the Biden administration, is a major concern of the UAW heading into these talks. The current UPS contract expires July 31, and the union rank and file has already authorized an August 1 strike without a new deal.

Persons: Joe Biden, Gene Sperling, Sperling, Carter, Obama, Biden, ”, “, Julie Su, Liz Shuler, ” Sperling, Bill Clinton, Barack Obama Organizations: CNN, United Auto Workers, UAW, Big, White House, Labor, White, General Motors, Ford, Dodge, Chrysler, GM, Anderson Economic Group, AFL, UPS, Teamsters, Treasury Department, National Economic Locations: Michigan, Detroit

☆ 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

New York CNN —A marathon negotiating session between UPS and the Teamsters union ended early Wednesday morning with both sides accusing the other of walking away from the table. The current contract expires July 31, which means 340,000 UPS workers could go on strike August 1. Many in the shipping community had been looking for a deal between UPS and the teamsters by the end of the July 4 holiday weekend, he said. Amazon also has its own delivery service now. Neither side has publicly detailed the economic offer that UPS made or what the Teamsters are demanding.

Persons: Satish Jindel, ”, ” Jindel, —, Sean O’Brien, “, ” What’s Organizations: New, New York CNN, UPS, Teamsters, US Postal Service, nonunion FedEx, teamsters, FedEx, Postal Service Locations: New York, ”

☆ 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

☆ 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

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

☆ 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

☆ 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

☆ Greg Abbott has cut required water breaks for Texas construction workers and labor advocates say it could kill them
▼ + stars: | 2023-06-18 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +2 min

Texas is currently first in the nation for heat-related workplace deaths, the Texas Tribune reports. Greg Abbott signed a bill Tuesday that eliminated ordinances across the state requiring water breaks for construction workers — all while a record-setting heatwave sweeps across the state. Meanwhile, Bishop James Dixon — President of the NAACP Houston — condemned the bill, according to local news outlet KHOU 11. Ana Gonzalez, deputy director of policy and politics at the Texas AFL-CIO, a federation of labor unions, told the Texas Tribune the bill may prove fatal for construction workers. Texas has the highest rate of heat-related workplace deaths, the Texas Tribune reports.

Persons: Greg Abbott, —, Bishop James Dixon —, NAACP Houston —, Ana Gonzalez, Gonzalez Organizations: Texas AFL, Texas Tribune, Service, Gov, Huffington, NAACP Houston, Washington Post, Teamsters, United Parcel Service, CNN Locations: Texas, Austin, Dallas

☆ What the potential UPS strike could mean for your packages
▼ + stars: | 2023-06-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

New York CNN —A UPS strike by 185,000 workers 25 years ago brought the logistics giant’s operations to a standstill. Striking employees of UPS in Chicago in 1997, the last major UPS work stoppage. In a worst case scenario, a longer-term UPS strike could cause major disruptions to the US supply chain network. UPS and the Teamsters' union contract expires August 1. Small and medium-sized businesses lower in the pecking order than big-box chains would see the most delays from a lengthy strike, logistics experts say.

Persons: Jeff Haynes, ”, Cathy Roberson, Richard Drew, ” Roberson, Pitney Bowes, John Haber, “, Carol Tome, Sean O’Brien, ” O’Brien, Alan Amling Organizations: New, New York CNN, UPS, US Postal Service, FedEx, Teamsters, Getty, Logistics, Walmart, Target, ”, Transportation Insight Holding Company, CNN, University of Tennessee’s, Chain Institute, “ Locations: New York, United States, Chicago, AFP

☆ Teamsters will likely authorize a UPS strike Friday
▼ + stars: | 2023-06-16 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —Members of the Teamsters union are almost certain to approve a massive strike at UPS in a vote concluding Friday. More than 330,000 Teamsters work at UPS (UPS), making it the largest unionized employer in the private sector. And it is crucial to the nation’s economy, with an estimated 6% of the United States’ gross domestic product, the broadest measure of economic activity, moving aboard UPS (UPS) trucks. UPS workers and Teamsters members during a rally outside a UPS hub in the Brooklyn borough of New York, US, on Friday, April 21, 2023. But Teamsters General President Sean O’Brien, while acknowledging the progress that has been made, refuses to say whether he thinks a strike is likely or not.

Persons: Teamsters haven’t, Paul Frangipane, ”, Will, Carol Tome, ” Tome, Sean O’Brien, “, James P, Hoffa, O’Brien, ” O’Brien Organizations: New, New York CNN, Teamsters, UPS, United, Occupational Safety, Health Administration, Bloomberg, Deutsche Bank, CNN, Teamster Locations: New York, United States, Texas, Brooklyn

☆ UPS workers will get air conditioned trucks, after years of heat-related hospitalizations and even baking cookies on their dashboards
▼ + stars: | 2023-06-14 | by ( Madeline Berg | ) www.businessinsider.com time to read: +3 min

Some UPS drivers have been hospitalized due to heat-related problems. "We're dying out here," one UPS driver told Insider at the time. In 2019, NBC News tallied 107 heat-related hospitalizations of UPS workers over a four-year period starting in 2015. At the time, UPS told Insider that it provided extensive training on how to deal with heat. But according to the agreement, all newly purchased small package delivery trucks in the US will have air conditioning starting next year.

Persons: Esteban Chavez Jr, We're, Matthew O'Connor Organizations: Teamsters, UPS, NBC, Democratic Union Locations: Arizona, New York

New York CNN —Negotiators for UPS and the Teamsters union have reached a tentative agreement on a crucial issue in their contract talks: The shipping giant has finally agreed to install air conditioning – gradually – in its entire fleet of 95,000 delivery vans. The issue of air conditioning was a major bargaining goal for the union in the negotiations. The agreement does not require retrofitting the existing vans with air conditioning. “Heat safety is no exception.”The tentative agreement on air conditioning is not the only sign of progress. The surge in online purchases that started during the height of the pandemic drove record package delivery volumes for UPS and other delivery services.

Persons: they’ve, Sean O’Brien, ” Organizations: New, New York CNN, UPS, Teamsters, Occupational Safety, Health Administration, Health, ”, “ Locations: New York

☆ A massive UPS strike could devastate the economy. It could be just eight weeks away
▼ + stars: | 2023-06-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —The Teamsters union is holding a vote right now among more than 330,000 members to authorize a strike against UPS. If UPS workers strike, it would be the largest single-employer strike in US history. UPS (UPS) is simply too big – delivering an average of 17 million domestic packages a day – to have all the packages it handles moved by competitors. The strike vote being conducted through July 16 is likely to pass overwhelmingly, as virtually all such votes do. If a deal is reached, but a majority vote against it, there will still be a strike this time.

Persons: couldn’t, Sean O’Brien, ”, Carol Tome, it’s, O’Brien, “, James Hoffa, Hoffa, ” O’Brien Organizations: New, New York CNN, Teamsters, UPS, United, FedEx, US Postal Service, CNN, ” Union, Teamster, Deutsche Bank Locations: New York, United States

☆ UPS and FedEx are shrinking as packages evaporate. Automation could make the changes permanent.
▼ + stars: | 2023-04-27 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +6 min

Revenue in the first quarter was down 6% and package volume was down by 5.4%. Both UPS and FedEx are downshifting and planning futures with smaller, more efficient networks. But beyond initial cuts, UPS and FedEx are leaning into technology upgrades to shrink strategically and emerge from the doldrums more efficient. The company has already begun the combination of Ground and Express, which will involve closing Express facilities and moving those operations into nearby Ground buildings. These networks have long acted as a moat around UPS and FedEx — making entering the delivery space so expensive it was rarely attempted.

☆ UPS flashes a warning sign about the US economy
▼ + stars: | 2023-04-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

America’s largest trucking company said Tuesday that revenue fell 6% in the first quarter compared to a year earlier, as its operating profit fell 22%. Its earnings fell just short of Wall Street forecasts for the period. Shares of UPS (UPS) fell more than 6% in early trading on the news. UPS had already forecast last year that its 2023 profit margin would be tighter after it reported a record profit in 2022. Besides facing a slowing economy, UPS also is engaged in contract negotiations with the Teamsters union, which represents more than 340,000 of its 444,000 US employees.

☆ UPS shares fall after delivery giant reports disappointing earnings
▼ + stars: | 2023-04-25 | by ( Natasha Piñon | ) www.cnbc.com time to read: +4 min

United Parcel Service shares fell Tuesday after the American trucking and delivery giant reported first-quarter misses on both earnings and revenue. To some analysts, the relatively weak report from UPS hints at a wider economic slowdown, particularly when coupled with CEO Carol Tomé's comments. Tomé told CNBC on Tuesday that a larger, industry-wide decline in retail sales in the month of March impacted UPS as well. Previously, UPS projected revenue between $97 billion and $99.4 billion, versus analysts' estimates of $99.98 billion. In its fourth-quarter earnings call, Chief Financial Officer Brian Newman said the company expected 2023 "to be a bumpy year."

☆ FedEx warns it won't bail out UPS customers at the last minute if drivers strike
▼ + stars: | 2023-03-18 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +4 min

The Teamsters Union has threatened a UPS strike when its contract expires in July. UPS CEO Carol Tomé has repeatedly said that a "win-win-win" is "very achievable" for the Teamsters, UPS employees at large, and the company, despite the union's spicy rhetoric. But even the threat of a UPS strike this summer, which would be the first since 1997, is already driving some UPS customers to look for alternative shipping options. Carere also suggested that FedEx is not interested in serving as a temporary solution for UPS customers. FedEx customers were alerted to the March 31 in a letter distributed earlier this month.

[1/2] Actor Robert Blake speaks to reporters as he walks to Burbank Courthouse in Burbank, California, U.S. August 29, 2005. A wrongful death lawsuit subsequently filed against Blake by her estate led to a civil court judgment that the actor was responsible for her slaying. Blake contended his wife was a victim of her own checkered past, gunned down by an unknown assailant. Blake's acting work was overshadowed four years later by the Bakley murder, which remains unsolved. A paternity test showed that the father was Blake, not Christian Brando, son of actor Marlon Brando, who Bakley had been dating simultaneously.

☆ A senator who ran a multimillion-dollar plumbing business claimed he only took a $50,000 salary. His financial statements show otherwise.
▼ + stars: | 2023-03-08 | by ( Jack Newsham | ) www.businessinsider.com time to read: +3 min

Republican Senator Markwayne Mullin had a heated argument with the head of a union on Wednesday. Mullin claimed he only paid himself a $50,000 salary and "invested every penny" into his business. While lambasting Teamsters president Sean O'Brien for his nearly $200,000 salary, Oklahoma's Senator Markwayne Mullin claimed that he paid himself a salary of just $50,000 when he ran a plumbing business. I kept my salary down at about $50,000 a year because I invested every penny into it," Mullin replied. He reported between $200,000 and $2 million in income in 2012 from two family companies, Mullin Plumbing Inc. and Mullin Plumbing West, and another $15,000 to $50,000 from shares he held in a bank.

☆ TFI Stake in Trucker ArcBest Sparks Acquisition Speculation
▼ + stars: | 2023-02-22 | by ( Liz Young | Paul Berger | ) www.wsj.com time to read: +4 min

TFI in 2021 became one of the top carriers in the U.S. less-than-truckload sector when it bought United Parcel Service Inc.’s freight business for $800 million. TFI CEO and President Alain Bédard said on the Feb. 6 earnings call that TFI is looking for opportunities to work with ArcBest. TFI executives said they see ways to save money working together with ArcBest, analysts at Cowen wrote in a Feb. 14 note summarizing a meeting they had with TFI management. The Cowen analysts wrote TFI is well placed to take over ArcBest’s unionized workforce because it already works with the Teamsters union at TForce Freight. ArcBest shares are up about 14% since TFI disclosed its stake.

☆ UPS's Coyote freight brokerage lays off workers as demand falls
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

LOS ANGELES, Feb 17 (Reuters) - Coyote Logistics, United Parcel Service's (UPS.N) nonunion freight brokerage subsidiary, on Friday said it was laying off workers as rising interest rates, inflation and a resumption of pre-pandemic consumer spending patterns weaken demand for trucking services. A Feb. 16 report from transportation news provider FreightWaves said 200 jobs would be eliminated. That demand slowed when restaurant dining reopened, travel resumed and global economies started flashing recession warnings, and now those same companies are slashing jobs. UPS is also cut union jobs in its mainstay delivery service. Affected unionized workers with seniority have the option of leaving the company or taking a different role, which could mean that employees with less seniority lose their positions.

☆ UPS plans to lay off some of its controversial weekend drivers, union reps say, as delivery companies downsize for post-pandemic life
▼ + stars: | 2023-02-13 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +3 min

Teamsters representatives say UPS has raised drivers' layoffs at the bargaining table. At least three locations in New York have already seen layoffs, according to another chapter. The affected position, according to the union, is the "22.4" driver, named for the section of the contract that created the position. These drivers work Tuesday through Saturday and top out at $30.64 per hour, while regular drivers can reach $42. UPS and the Teamsters Union did not immediately respond to a request for comment.

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