Shares of industrial and transportation companies experienced an upward tick as the rally in Treasury yields hit a roadblock following weak jobs data. Despite current strikes in various industries, experts like Oliver Pursche, senior vice president at financial advisory Wealthspire, do not anticipate these strikes to significantly impact the labor market or wage inflation.
Additionally, the recent removal of House Speaker Kevin McCarthy is not expected to cause much concern among investors, according to Pursche. He explains that, "For now, it's irrelevant to the market." However, there remains the potential for problems leading up to November, as a government shutdown could be on the horizon. Pursche suggests that more time is needed to gauge how the situation will unfold, cautioning that the consequences are still uncertain.
In other news, General Motors has entered into a new $6 billion revolving credit agreement as the company grapples with the ongoing United Auto Workers strike. On the other hand, Ford Motor saw a positive outcome in their third-quarter sales, with a notable 7.7% increase. This growth can be attributed to strong customer demand for their large gas-engine pickup trucks and a surge in hybrid-vehicle sales.