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VIEW UAW expands strikes against GM, Stellantis
  + stars: | 2023-09-22 | by ( ) www.reuters.com   time to read: +3 min
The escalation comes as the labor group and the automakers remain apart on terms of a new contract covering 146,000 workers. DANIEL IVES, ANALYST AT WEDBUSH SECURITIES:"This becomes a full on tidal wave of strikes for GM and Stellantis. "This is like union 101 in terms of divide and conquer and put more pressure on GM and Stellantis. "I think GM and Stellantis are going to fight this. But I am less confident Stellantis can work it out because they are by far the worst of the three with labor relations."
Persons: Sheila McGee, Michael Swensen, BRANDON PIZZURRO, DANIEL IVES, Ford, ARTHUR WHEATON, TODD VACHON, Ankika Biswas, Peter Henderson, Bianca Flowers, Anil D'Silva Organizations: Ford, UAW, REUTERS, United Auto Workers, General Motors Co, Ford Motor, GM, Motors, RUTGERS, Thomson Locations: Louisville , Kentucky, U.S, Bengaluru
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Guidestone Capital's David SpikaDavid Spika, president of Guidestone Capital Management, joins 'Power Lunch' to discuss the markets, Fed, and economy.
Persons: Guidestone Capital's David Spika David Spika Organizations: Guidestone Capital Management, Fed
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvest in companies with visible earnings growth, says Guidestone Capital's David SpikaDavid Spika, president of Guidestone Capital Management, joins 'Power Lunch' to discuss the markets, Fed, and economy.
Persons: Guidestone Capital's David Spika David Spika Organizations: Invest, Guidestone Capital Management, Fed
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'People would rather give up their left arm than their iPhone', says Guidestone's Spika on AppleDavid Spika, Guidestone Capital Management, joins 'Power Lunch' to talk his three stock picks for the day: JPMorgan, Apple, and Tesla.
SummarySummary Companies February PCE growth slowsVirgin Orbit announces layoff plans, shares tankFutures up: Dow 0.37%, S&P 0.28%, Nasdaq 0.14%March 31 (Reuters) - Wall Street's main indexes were set to open higher on Friday after data showed inflation slowed in February, supporting hopes of a softer monetary policy approach from the Federal Reserve. Traders' bets of a 25-basis-point rate hike in May stand at 55.5%, with odds of a pause at 44.5%, according to CME Group's Fedwatch tool. "But in terms of the Fed's calculus, they'll have to have more confirmation that disinflation is really taking hold beyond just a few data points here and there." U.S. 10-year Treasury yields fell to a session low of 3.534% after the data. The KBW Regional banking index (.KRX) and the S&P 500 banks index (.SPXBK), which houses major banks, have lost 19% and 14%, respectively, so far during the quarter.
The personal consumption expenditures (PCE) price index increased 0.3% last month after accelerating 0.6% in January. In the 12 months through February, the PCE price index advanced 5.0% after rising 5.3% in January. Excluding food and energy, the PCE price index climbed 0.3% after increasing 0.5% in January. The core PCE price index rose 4.6% year-on-year after gaining 4.7% in January. There is some structural inflation that's coming down as well so that's good news and that's going in the right direction."
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Guidestone Capital's David Spika and Contrast Capital's Ron InsanaDavid Spika, president of Guidestone Capital Management, and Ron Insana, co-CEO of Contrast Capital Partners, join 'Power Lunch' to discuss buying bonds, high-quality equity exposure and stock picking versus index buying.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market has not priced in much lower earnings, says Guidestone Capital's David SpikaDavid Spika, president of Guidestone Capital Management, and Ron Insana, co-CEO of Contrast Capital Partners, join 'Power Lunch' to discuss buying bonds, high-quality equity exposure and stock picking versus index buying.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with GuideStone Capital's David SpikaDavid Spika, GuideStone Capital Management president, joins 'Power Lunch' to discuss why bonds should be part of investor's portfolio, the type of bonds to consider and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBonds a good place to be as market has 10% to 15% downside, says GuideStone Capital's SpikaDavid Spika, GuideStone Capital Management president, joins 'Power Lunch' to discuss why bonds should be part of an investor's portfolio, the type of bonds to consider and more.
Best Buy Co Inc (BBY.N) jumped 12.4%, leading gains on S&P 500 (.SPX) index, after forecasting a smaller drop in annual sales than previously estimated, confident that a ramp up in deals and discounts will lure more customers. "People are hopeful that consumers can still squeeze out a strong holiday season despite the headwinds they're facing," said Brandon Pizzurro, director of public investments at GuideStone Capital Management. "It would be an upside surprise if consumers really brought their full wallet to the table this year, probably what's driving Best Buy movement today." Gains in Best Buy boosted the S&P 500 retail (.SPXRT) sector index, but a 9.4% fall in Dollar Tree Inc (DLTR.O) capped the upside as the discount retailer lowered its annual profit forecast for the second time. Energy (.SPNY) led gains among the 11 major S&P 500 sector indexes, up 3.0%, as oil prices rose after top exporter Saudi Arabia said OPEC+ stuck with output cuts.
Traders' bets of a 75-bps rate hike in December have gone up to 24.2% from 19.4% the previous week, according to the CME Group's FedWatch tool. The benchmark S&P 500 (.SPX) and the Nasdaq (.IXIC) have lost 17% and nearly 29%, respectively, so far this year on worries that the aggressive rate hikes could push the economy into a recession. Among S&P 500 sectors, defensive stocks advanced on Friday, with utilities (.SPLRCU) and health (.SPXHC) rising 1.5% and 0.9%, respectively, and in the lead. Advancing issues outnumbered decliners by a 1.19-to-1 ratio on the NYSE and for a 1.01-to-1 ratio on the Nasdaq. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 45 new highs and 96 new lows.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Guidestone Capital Management's David SpikaDavid Spika, president and CIO of Guidestone Capital Management, joins 'Power Lunch' to discuss market activity in response to the PPI and CPI data, steps necessary to reach the Fed's core inflation target and how long before a Fed pivot.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarket downturn does not reflect the earnings & margin decline expectations, says Guidestone's SpikaDavid Spika, president and CIO of Guidestone Capital Management, joins 'Power Lunch' to discuss market activity in response to the PPI and CPI data, steps needed to reach the Fed's core inflation target and how long until there's a Fed pivot.
A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 27, 2022. Most S&P 500 sector indexes turned lower, with the energy sector (.SPNY) clinging to gains of 1.19%. Analysts have cut their S&P 500 earnings expectations for the third and fourth quarters and for the full year. For the third quarter, profit for S&P 500 companies are seen rising just 4.6% year-over-year compared with the 11.1% growth expected at the start of July. The S&P index recorded no new 52-week high and 113 new lows, while the Nasdaq recorded 24 new highs and 323 new lows.
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