TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why 45,000 dockworkers could go on strike.
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00:00I'm Conway Gittens reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Wall Street is coming off yet another solid session with both the S&P 500 and the Nasdaq
00:09notching new record highs.
00:11This comes as investors anxiously await the Federal Reserve's decision on interest rates
00:15due out Wednesday.
00:17Markets are pricing in a 99 percent chance that the central bank holds rates steady.
00:23Investors also await the latest consumer inflation figures due Wednesday.
00:27In other news, a potential dock worker strike could cause another issue for the American
00:32economy.
00:33The International Longshoremen's Association represents 45,000 dock workers from Texas
00:38to Maine, and it has walked away from the bargaining table over the use of automated
00:43machinery.
00:44According to the union, a terminal operator was using automation to process trucks at
00:49its ports.
00:50The current labor deal expires on September 30, and the leader of the ILA says workers
00:55will begin to strike on October 1 if a new deal isn't reached.
00:59That would be terrible timing for the American economy just ahead of the busy holiday shopping
01:04season and just a month before the presidential election.
01:09But the owner of the ports in question, Danish-owned Maersk, pushed back on the union, saying,
01:14quote, we are disappointed that the ILA has chosen to make selected details of ongoing
01:20negotiations public in an effort to create additional leverage for their other demands.
01:26The National Retail Federation, which is a major lobbying group for retailers, is calling
01:30on the White House to step in and help negotiate.
01:34That'll do it for your daily briefing from the New York Stock Exchange.
01:37I'm Conway Gittins with The Street.