Shares of industrial and transportation companies rose as traders sloughed off concerns about the first major strike among Detroit factory workers in a generation.
The United Auto Workers union remains far apart in negotiations with Detroit automakers for a new labor agreement and is preparing walkouts at select factories when contracts expire late Thursday, The Wall Street Journal reported. UAW President Shawn Fain told members late Wednesday that General Motors, Ford Motor and Stellantis have come closer to the union's wage-increase demands and other priorities, but he expressed doubt that a deal would be reached before the 11:59 p.m. ET Thursday deadline. Shares of GM and Ford Motor were little changed.
"They're still hoping cooler heads prevail, if you will, but we'll see where this leads," said JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade.
NASA said it will begin using artificial intelligence and citizen reporting to study unidentified flying objects to develop a better understanding of the phenomena that have fascinated the public for decades.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-14-23 1754ET
