Wall Street declines on concerns about labor strikes

1 week ago

US stock indices declined on Friday following a spate of data and amid concerns about strikes in the US automotive sector.


Earlier US data showed import prices rose 0.5% in August after a 0.1% rise in July, the largest such increase since May 2022, as fuel prices rose while import prices rose 1.3% in August. 


US industrial production rose 0.4% in August m/m, slowing down from the previous reading but still beating estimates.



Thousands of workers in the automotive sectors started a strike in three major factories owned by Ford, General Motors, and Stellantis after negotiations failed between unions and the companies to rework labor contracts. 


On trading, Dow Jones fell 0.6%, or 198 points as of 16:13 GMT to 34,708, while S&P 500 fell 0.9%, or 41 points to 4463, as NASDAQ slumped 1.3%, or 180 points to 13,746. 

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