Shares of industrial and transportation companies ticked up as a rally in Treasury yields stalled in the wake of weak jobs data.
It’s unlikely that current strikes will affect the outlook for the labor market or wage inflation, said Oliver Pursche, senior vice president at financial advisory Wealthspire.
Similarly, the ouster of House Speaker Kevin McCarthy will likely not create a stir among investors, Pursche said. “For now, it’s irrelavent to the market,” said Pursche.
“It potentially creates a problem going into November as we’re potentially looking at a government shutdown. But at that point of time, I think you need a few more days or a week or two to really see how this plays out…it’s too fresh to have any idea of what the direction is,” Pursche said.
General Motors entered into a new, $6 billion revolving credit agreement as the automaker grapples with the fallout from the ongoing United Auto Workers strike.
Ford Motor posted a 7.7% increase in third-quarter sales Wednesday, lifted by strong customer demand for its large gas-engine pickup trucks and a surge in hybrid-vehicle sales.
Write to Rob Curran at [email protected]
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