Despite the S&P 500 and the Nasdaq ending slightly up on Wednesday, it’s still safe to say that stocks are having a bumpy week.
Newsletter Sign-up Particularly as longer-term bond yields have moved up since the Federal Reserve decision this month, at which Chairman Jerome Powell promised to keep rates higher for longer and produced forecasts to back it up. That’s bad news for stocks because it makes it more expensive for companies to borrow money.
***UAW’s New Threat to Expand Strikes If Progress Stalls The United Auto Workers, frustrated by the progress of labor contract talks with General Motors and Stellantis, said it would expand strikes to more facilities for a second time if there isn’t sufficient progress by Friday. The threat came hours before former President Donald Trump visited Michigan.
What’s Next: The Organization of the Petroleum Exporting Countries meets on Oct. 4 to discuss planned reductions in output. The cuts by OPEC, plus additional voluntary cuts by Saudi Arabia and Russia, will reduce global production by 1.3 million barrels a day through the end of the year. That will both drag on economic growth as well as push up inflation, making the Federal Reserve’s job harder.
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