A September to Remember? More like a September that investors would like to forget! Stocks got rocked again yesterday, leaving the S&P 500 down almost 4% on the month now.
The indices are trying to stabilize in the early going today. Crude oil is a bit higher along with the dollar, gold, and silver, while Treasuries are flat.
S&P 500 ETF Trust (SPY)
On the news front...
Yesterday I wrote how we hadn’t seen much progress in the talks between the United Auto Workers (UAW) and the Big Three automakers. Today, UAW President Shawn Fain said the union will strike additional plants by midday if a deal isn’t reached.
General Motors (GM), Ford Motor (F), and Stellantis (STLA) have faced one plant strike each this week in Michigan, Ohio, and Missouri. But that only impacted about 10% of North American production – and cost just $47 million to $61 million in profit – according to analysts. Those numbers will go up the more workers walk off the job.
The government is barreling toward another shutdown amid a revolt from some rank-and-file Republicans in the House of Representatives. They are threatening to derail funding bills that House Speaker Kevin McCarthy’s wants passed for a variety of social and financial reasons. Lawmakers have until Sept. 30 to get the bills passed to avert a shutdown.
Finally, long-time Fox media patriarch Rupert Murdoch is officially retiring from Fox Corp. (FOX) and News Corp. and handing the reins over to his son Lachlan. The 92-year-old Australian businessman built a global news and entertainment empire over the decades, though the firm sold a chunk of its entertainment properties to The Walt Disney Co. (DIS) in 2019. Fox assets now include the Wall Street Journal, Fox News, the Sun, Fox Sports, and more.