Streetbeat News

Labor Issues

SPY

The White House has announced that it is not considering invoking the Taft-Hartley Act to prevent a potential strike by port workers. This decision could impact supply chains and related industries.

Portfolio Pulse from Benzinga Newsdesk

September 30, 2024 | 7:22 pm

SPY

The White House has urged all parties involved in the potential port workers union strike to negotiate and reach an agreement. This situation could impact various sectors, including transportation and logistics.

Portfolio Pulse from Benzinga Newsdesk

September 30, 2024 | 7:21 pm

SPY

Federal Reserve Chair Jerome Powell indicated that if the economy progresses as anticipated, there could be two more interest rate cuts this year, totaling 50 basis points. He noted that while the labor market remains solid, it has shown signs of cooling and does not require further cooling.

Portfolio Pulse from Benzinga Newsdesk

September 30, 2024 | 6:17 pm

SPY

Federal Reserve Chair Jerome Powell indicated that revisions in the savings rate suggest consumer spending can remain healthy. He is monitoring productivity improvements, though it's too early to determine their sustainability. Powell also noted that the labor market might provide a more accurate real-time economic picture than GDP.

Portfolio Pulse from Benzinga Newsdesk

September 30, 2024 | 6:09 pm

SPY

The U.S. Chamber of Commerce has urged President Biden to prevent a potential strike at East Coast ports, warning that such a work stoppage could severely impact the U.S. economy.

Portfolio Pulse from Benzinga Newsdesk

September 30, 2024 | 5:49 pm

SPY

The Federal Reserve's Goolsbee expressed concern over a potential extended port shutdown as 45,000 dockworkers are set to strike. This situation could impact supply chains and economic activity.

Portfolio Pulse from Benzinga Newsdesk

September 30, 2024 | 4:49 pm

SPY

Fed's Bostic is open to a half-percentage-point rate cut if the labor market weakens unexpectedly. He expects an orderly easing with slowing inflation and a stable job market. Bostic is cautious about inflation due to the core PCE price index at 2.7% and will monitor jobs data closely.

Portfolio Pulse from Benzinga Newsdesk

September 30, 2024 | 4:25 pm

BDRY

XTN

A potential strike by the International Longshoremen's Association (ILA) could freeze activity at major U.S. ports, impacting billions of dollars worth of goods and complicating holiday shopping. The strike could cost the economy $1 billion a day, with President Biden choosing not to intervene. The standoff involves demands for a significant pay raise and concerns over labor-saving technology. ETFs like Breakwave Dry Bulk Shipping ETF (BDRY) and SPDR S&P Transportation ETF (XTN) could be affected.

Portfolio Pulse from Anthony Noto

September 30, 2024 | 4:04 pm

AMZN

Amazon faces employee dissatisfaction over a new full-time return-to-office policy, with 73% of surveyed employees considering quitting. The policy, announced by CEO Andy Jassy, aims to streamline operations but has led to morale issues, especially among parents. The policy is not uniformly applied across subsidiaries, causing further discontent.

Portfolio Pulse from Kaustubh Bagalkote

September 30, 2024 | 8:31 am

SPY

The U.S. market has surged following a Federal Reserve rate cut, with the S&P 500 and Dow Jones Industrial Average reaching new highs. However, a chartist warns of a potential sell-off due to a divergence between the Dow Industrials and Dow Transportation averages, a classic sell signal. Additionally, a looming dock workers' strike could disrupt supply chains and impact the economy.

Portfolio Pulse from Shanthi Rexaline

September 30, 2024 | 8:22 am