Stock Futures Mostly Higher as Auto Workers Strike Big Three Automakers
Impact of Auto Workers Strike on Stock Market
Stock futures were mostly higher Friday as Wall Street weighed the impact of the strike by workers at the Big Three auto makers. The strike has caused fluctuations in the stock market.
Positive Economic Data in China
Sentiment received an early lift from better-than-expected economic data in China, which has had a positive effect on the stock market.
- Ford (F) fell 0.8%
- General Motors (GM) declined 0.3%
- Stellantis (STLA) rose 0.5%
First-Ever Partial Strike by United Auto Workers Union
The United Auto Workers union launched its first-ever partial strike against the car companies after failing to reach a deal for a new contract. The strike began just before midnight on Thursday.
ARM Holdings Rise in Pre-Market Trading
Arm Holdings (ARM) saw a 0.3% rise to $63.89 in premarket trading after a successful first day of trading. The chip design company closed at $63.59, 25% above the initial public offering price.
Uncertainty Surrounding Walt Disney
Walt Disney (DIS) gained 0.8% after stating that it has not yet decided what it will do with its traditional broadcast television channels, including ABC. Talks with Nexstar Media about selling the stations have been held.
Growth for Nikola
Nikola (NKLA) extended gains in premarket trading, rising 14%. The electric-truck maker’s CEO announced that the first hydrogen fuel cell trucks will be delivered by the end of the month.
Positive Earnings Report for Adobe
Adobe (ADBE) reported higher-than-expected fiscal third-quarter adjusted earnings and revenue. The software company also provided positive fourth-quarter earnings guidance.
Lower Earnings Outlook for Nucor
Nucor (NUE) issued a fiscal third-quarter earnings outlook that missed estimates. The steel maker expects lower earnings due to lower pricing and volumes.
Positive Performance for Lennar
Home builder Lennar (LEN) beat analysts’ expectations for fiscal third-quarter earnings and revenue. Home deliveries and new orders showed significant increases.
Rise in Pre-Market Trading for Carvana and CarMax
Shares of used-car retailers Carvana (CVNA) and CarMax (KMX) rose ahead of the auto workers strike, showing positive performance in premarket trading.
KeyCorp Upgraded, Truist Financial Downgraded
KeyCorp (KEY) saw a rise in stock price after being upgraded to Overweight, while Truist Financial (TFC) was downgraded to Neutral.
For more information, contact Joe Woelfel at [email protected].