United Auto Workers officially on strike from Ford, GM, and Stellantis plants

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.

Transcript

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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