General Motors had a strong quarter in the U.S., growing faster than Toyota Motor, but the stock is down anyway as investors focus on rising bond yields and the United Auto Workers strike against Detroit’s Big Three car makers.
Importantly, the release showed GM has started delivering the all-electric versions of the Chevy Blazer SUV and Chevy Silverado pickup truck. That gives the company six all-electric models on the market: Blazer, Silverado, Cadillac Lyriq, GMC Hummer, Chevy Bolt, and the Bright Drop delivery van. Not only does selling more cars mean better margins, it is a sign that GM’s strategy is gaining some traction. GM wants to catch up to Tesla by offering more models in more segments of the automotive market.
Part of the problem for stocks in general is that yields on Treasury bonds were up after data about the job market came in stronger than expected on Tuesday morning, bolstering the view that the Federal Reserve will keep interest rates high as it fights inflation. Investors are also focused on the UAW strike, which began on Sept. 15.
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