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UAW confirmed thousands of UAW members at Ford, GM, and Stellantis walked out, marking the beginning of the Stand Up Strike
Ford (F 12.50, -0.12, -1.0%),
General Motors (GM 33.53, -0.13, -0.4%),
Stellantis (STLA 19.00, +0.16, +0.9%):Taiwan Semiconductor Manufacturing (TSM 91.25, -0.22, -0.2%): delaying chip equipment deliveries, according to Reuters
Adobe (ADBE 533.23, -18.92, -3.4%): beats by $0.11, reports revs in-line; guides Q4 EPS above consensus, revs in-line
Lennar (LEN 116.90, -0.80, -0.7%): beats by $0.39, beats on revs, deliveries increased 8% to 18,559, exceeding guidance, guides for Q4 deliveries of 21,500-22,500
Nucor (NUE 162.01, -3.52, -2.1%): guides Q3 EPS below consensus
Walt Disney (DIS 85.22, +0.74, +0.9%):
Bloomberg reports that company expects to fall “tens of millions” of subscribers short of the FY24 Disney+ subscriber goal of 215-245 mln set in August of 2022; speculation swirling about potential sale of ABC, but company says no decision has been made with respect to the divestiture of ABC or any other property
Oracle (ORCL 114.47, +0.81, +0.7%) and Microsoft (MSFT 338.79, +0.09, +0.03%):
Announce Oracle Database@Azure, giving customers direct access to Oracle database services running on Oracle Cloud Infrastructure and deployed in Microsoft Azure datacenters
Import prices rose 0.5% in August following a revised 0.1% increase in July (from 0.4%).
Import prices, excluding oil, declined 0.1% in August following a revised 0.1% decline (from 0.0%).
Export prices rose 1.3% in August following a revised 0.5% increase in July (from 0.7%).
Export prices, excluding agriculture, rose 1.7% following a 0.6% incline.The Empire State Manufacturing Index rose to 1.9 in September (consensus -10.0%) from -19.0 in August.
The S&P 500 futures are down 8 points and are 0.2% below fair value.
The Nasdaq 100 futures are down 49 points and are trading 0.3% below fair value.
The Dow Jones Industrial Average futures are up 41 points and are trading 0.4% above fair value.Total industrial production increased 0.4% month-over-month in August (consensus 0.2%) following a downwardly revised 0.7% increase (from 1.0%) in July.
The capacity utilization rate jumped to 79.7% (consensus 79.3%) from an upwardly revised 79.5% (from 79.3%) in July.
Total industrial production was up 0.2% yr/yr.
The capacity utilization rate of 79.7% was in-line with its long-run average.The key takeaway from the report is that motor vehicle assemblies were weak in front of what is now a UAW strike, so the outlook for industrial production in September will be constrained by an expected disruption to auto manufacturing capabilities as a result of the strike.
The University of Michigan Consumer Sentiment survey fell to 67.7 in the preliminary September reading (consensus 69.4) from 69.5 in the final August reading.
STLA, GM trade up while F lags after news of UAW strike
General Motors (GM 33.90, +0.24, +0.7%)
Stellantis (STLA 19.00, +0.16, +0.9%)
Ford (F 12.57, -0.49, -0.4%) shows a slim lossDow -159.05 at 34748.06, Nasdaq -180.39 at 13745.67, S&P -38.53 at 4466.57
Only one of the 11 S&P 500 sectors remains in the green — utilities (+0.2%) — while the heavily-weighted information technology (-1.3%), consumer discretionary (-1.3%), and communication services (-0.6%) sectors show the largest declines.
The Russell 3000 Growth Index is down 0.9% versus a 0.2% decline in the Russell 3000 Value Index.
The Vanguard Mega Cap Growth ETF (MGK) sports a 0.9% loss.
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