Shares of industrial and transportation companies fell as auto strikes looked set to spread.
The United Auto Workers union expanded its strike to a Ford Motor factory in Chicago and a General Motors plant in Michigan, citing a lack of progress at the bargaining table.
UAW President Shawn Fain said during a livestream address that Chrysler-parent Stellantis would be spared from further walkouts for now, citing a Chrysler proposal on cost-of-living adjustments and other core issues.
House Speaker Kevin McCarthy's bid to avert a government shutdown ran headlong into opposition from dissident conservatives on Friday, as GOP holdouts sank a short-term spending bill designed to unite the party in talks with Democrats.
"It will be resolved, it's not if but when how long is it going to take?" said Quincy Krosby, chief global strategist at brokerage LPL Financial. "There's no way you could look at this and say it's positive for the economy."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-29-23 1718ET
