Shares of industrial and transportation companies experienced an uptick, despite concerns surrounding the first major strike among Detroit factory workers in years.
The United Auto Workers (UAW) union is currently locked in negotiations with Detroit automakers for a new labor agreement. As contracts are set to expire on Thursday, the UAW is preparing for walkouts at select factories. UAW President Shawn Fain informed members on Wednesday that General Motors, Ford Motor, and Stellantis have made progress in meeting the union’s demands for wage increases and other priorities. However, Fain expressed skepticism about reaching a deal before the Thursday night deadline. As a result, shares of GM and Ford Motor remained relatively unchanged.
JJ Kinahan, the CEO of IG North America and president of its brokerage tastytrade, stated, “They’re still hoping cooler heads prevail, if you will, but we’ll see where this leads.”
In other news, NASA announced its plans to employ artificial intelligence and citizen reporting to study unidentified flying objects (UFOs). The aim is to gain a better understanding of these phenomena that have captivated the public for decades.