TheStreet’s J.D. Durkin brings you the biggest news of the morning, including Arm’s first day of trading and the UAW officially going on strike.
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00:00 I'm J.D. Durkin reporting from the New York Stock Exchange.
00:02 Here's a look at what we are watching on the street today.
00:05 Wall Street is coming off a winning session on Thursday as investors cheered the IPO of
00:09 British chip designer ARM.
00:11 Wall Street optimistic that the successful debut, which marked the biggest of the year,
00:16 will help revive the IPO market, which has been pretty slow over the last few years.
00:20 As far as economic data goes, investors are still reacting to a batch of hotter than expected
00:25 inflation data from earlier this week, while looking ahead to next week's September Fed
00:30 meeting.
00:31 Markets are pricing in a 97% chance that the central bank makes no move on interest rates
00:36 this month.
00:37 Meanwhile, the threat of a United Auto Workers strike is no longer just a threat.
00:42 As of 12 a.m. this morning, 13,000 workers went on strike, targeting plants from General
00:47 Motors, Ford, and Jeep Chrysler owner Stellantis.
00:51 The labor strike comes as the union and the three automakers were unable to come to an
00:55 agreement on a new labor contract.
00:57 The UAW had originally asked for a 46% pay increase over the next four and a half years
01:03 before scaling that request back to 40%.
01:05 However, that number was nowhere close to what the carmakers offered.
01:09 Ford and GM offered a 20% increase, while Stellantis stood at 17.5%.
01:16 Some of the union's other demands include restoring cost of living pay raises, pension
01:20 increases for retirees, and a 32-hour workweek with 40 hours of pay.
01:25 It's the first time in the union's 88-year history that it had members from all three
01:30 companies walk out at the same time.
01:33 That'll do it for your daily briefing from the New York Stock Exchange.
01:36 I'm J.D. Durkin with The Street.
01:37 Thanks for watching.
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