U.S. markets were slow to gain traction before the opening bell today, the Associated Press reports. Futures for the S&P 500 inched up 0.1%, while the Dow Jones industrials rose 0.2%.
The markets look to finish with gains after a busy week of economic data hinted at a mostly healthy economy, with the Federal Reserve holding its next policy meeting next week.
About 13,000 U.S. auto workers stopped making vehicles and went on strike today, however, after union leaders and negotiators for Detroit’s three automakers couldn’t reach a deal before the four-year contracts expired at 11:59 p.m. Thursday. Members of the United Auto Workers union began picketing at three different Midwest plants, one each for General Motors, Ford, and Stellantis. If the strike lasts a long time, dealers could run short of vehicles and prices could rise, impacting a U.S. economy already under strain from elevated inflation.
Boosting market sentiments this week was a report that said U.S. shoppers spent more at retailers last month than economists expected. That reflects a remarkably resilient job market, which has withstood a steep jump in interest rates.
A separate report Thursday morning said fewer workers applied for unemployment benefits last week than expected, which implies the number of layoffs remains low.
A third report said prices getting paid at the wholesale level rose more last month than economists expected. That could be a discouraging signal for households if the higher-than-expected inflation gets passed on to shoppers at the consumer level.
Arm Holdings jumped 24.7% in its debut on Nasdaq. The strong welcome could be an encouraging signal for the IPO market, which has slowed since the stock market began tumbling early last year on fears about higher interest rates.
In energy trading, benchmark U.S. crude rose 25 cents to $90.41 per barrel. Crude has been climbing for months as oil-producing countries try to support its price by curtailing their supplies. Brent crude, the international standard, gained 20 cents to $93.90 per barrel.
In currency trading, the U.S. dollar rose to 147.85 Japanese yen from 147.42 yen.
