17 October 2019

1) GM (General Motors) and UAW (United Auto Workers) have reached a tentative agreement to end the month old strike of auto workers. This agreement doesn’t bring an immediate end to the strike, because the workers must vote on the agreement first, which means the picket lines will remain in place for at least the next few days.

 2) Weak retail sales figures are casting gloom over the future of the economy. The retail sales for America fell for the first time in seven months in September, on top of the weakness in manufacturing bringing fears of a weakening economy spreading. This is in addition to moderate job growth and weak service sector activity. This all opens the door for the Federal Reserve to cut interest rates again later this month. Consumer spending accounts for more than two-thirds of the economy, so any slowdown in this area indicates a general slow down of the economy.

3) The FCC (Federal Communications Commission) has given the go ahead for the merger of T-Mobile and Sprint. The vote was split along party lines. This merger combines the third and fourth largest U.S. wireless carriers and has been in the process for approval since April of 2018.

4) Stock market closings for – 16 OCT 19:

Dow              27,001.98    down    22.82
Nasdaq          8,124.18    down    24.52
S&P 500         2,989.69    down       5.99

10 Year Yield:    down   at    1.75%

Oil:    up   at    $52.97

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