Benzinga · Sep 15, 2023
Stock Retreats As Bond Yields Climb Amid Oil Concerns, UAW Strike: What's Driving Markets Friday?
Risk appetite saw a setback during the final session of the week as stock markets dipped in response to a renewed surge in inflationary pressures. Oil prices made a notable climb, with the WTI benchmark rising to $90 per barrel. The strike launched by the United Auto Workers union against the major Detroit automakers — Ford Motor Co. (NYSE:F), Stellantis N.V. (NYSE:STLA) and General Motors Co. (NYSE:GM) — has raised concerns about the potential for broader wage increases given the ongoing strength of the economy. President Joe Biden emphasized the need for improved treatment of workers, recognizing their exceptional skills and sacrifices in recent years and advocating for a fairer distribution of profits. Furthermore, the uptick in Treasury yields added to the dampening effect on risk sentiment. The 10-year yield edged up to 4.33%, inching closer to the August peak of 4.35%, last observed in November 2007. Cues From Friday’s Trading: The S&P 500 fell 1%, while the tech-heavy Nasdaq 100 dropped even further, by 1.3%. The S&P is still up by a marginal 0.2% for the week, while the Nasdaq is flipping to losses. Blue chips in the Dow Jones fared better, but were still 0.5% lower for the day. The Dow ...Full story available on Benzinga.com
