US stocks edge lower amid Detroit auto strike while triple witching looms
- US stocks edged lower on Friday as investors digest the UAW strike against Detroit's Big 3 automakers.
- China's economy showed some encouraging signs with retail sales and industrial production up.
- Friday is a triple witching day, in which $4 trillion of options contracts are set to expire.
US stocks edged slightly lower on Friday after the United Auto Workers went on strike against Detroit's top automakers.
The strike represents the first time in history that employees at the Big 3 — Ford, General Motors, and Stellantis — went on strike at the same time. Nearly 13,000 autoworkers are striking for increased pay amid the transition from gasoline-powered cars to electric vehicles.
Investors also digested encouraging economic data from China, with retail sales and industrial production beating expectations.
Friday also represents a triple witching day, in which $4 trillion worth of options contracts are set to expire. The massive amount of options expiration could lead to outsized volatility in either direction.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:
- S&P 500: 4,486.68, down 0.41%
- Dow Jones Industrial Average: 34,860.50, down 0.13% (46.61 points)
- Nasdaq Composite: 13,865.65, down 0.43%
Here's what else is going on today:
- US corporate debt defaults surged 176% as the Fed's war on inflation pushes more companies into financial distress.
- Billionaire hedge-fund manager Ken Griffin said he's unsure if the stock market rally can last, adding that he's "a bit anxious" about this year's strong gains.
- Short-seller Jim Chanos is still betting against Tesla saying the stock is "ridiculously overvalued."
- China's house-price slump drags on as Beijing battles to shore up the country's crisis-hit property sector.
In commodities, bonds, and crypto:
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- Swiggy disburses over Rs 450 cr in loans to 8000 restaurant owners
- Hyundai Motor India says all its vehicles to come with 6 airbags
- Earthquake jolts Delhi and other parts of northern India
- World Bank pegs India's FY24 GDP growth at 6.3% as global headwinds emerge