Shares of industrial and transportation companies rose slightly amid hopes for a breakthrough in labor and budget disputes.
Positive news for the automotive industry contributed to the rise in shares for Ford Motor and General Motors. The Canadian auto maker union announced a double-digit percentage increase in wages, which has potential economic benefits. Recent research suggests that the damage caused by the auto strikes could exceed $5 billion. While this is a significant setback, the wage increase offers some optimism for the industry.
Despite these positive developments, House Speaker Kevin McCarthy (R., Calif.) expressed concerns about a possible government shutdown. McCarthy remains hopeful that such an outcome can be avoided, but he faces resistance from conservatives within his own party. This opposition could potentially undermine his efforts.
Moody’s Investors Service issued a warning about the consequences of a federal government shutdown, rating it as “credit negative” for the U.S. J.D. Joyce, president of Houston financial advisory firm Joyce Wealth Management, emphasized that compromise is necessary to prevent a government shutdown from becoming a reality.
The Federal Reserve Bank of Dallas’ September survey shows a decline in general business activity with its index weakening from minus-17.2 in August to minus-18.1. This decrease indicates a slowdown in economic growth.
In a notable move, Irish construction giant CRH has shifted its primary listing to the U.S. The company’s chief executive ceremoniously rang the opening bell at the New York Stock Exchange, marking this significant milestone.
Exciting news for rail infrastructure in the United States! As reported by The Wall Street Journal, federal grants amounting to $1.4 billion have been allocated for repairs and upgrades of aging rail bridges and tracks. Both businesses and rail commuters can expect to benefit from these improvements as early as next year.
