United Auto Workers go on strike against GM, Ford and Stellantis

US stocks were lower Friday morning after the United Auto Workers launched a strike against Ford, General Motors and Stellantis, the owner of Chrysler and Jeep.

Investors worry that the work stoppage could roil fragile supply chains and increase prices in an economy already grappling with elevated inflation. 

This is the first time in history that the UAW has struck all three of America’s unionized automakers at the same time.

Ford shares fell 1.5% on Friday, GM dropped 0.6% and Stellantis rose 0.4%.

Non-striking Big Three-adjacent auto companies like Tesla and Toyota were up 0.5% and 1.2%, respectively. 

Meanwhile, markets continued to focus on UK-based chipmaker Arm, which soared nearly 25% in Thursday trading, notching a very successful debut on the Nasdaq. Shares of the Softbank-owned company continued their gains on Friday morning, growing by about 6.1%. 

Oil prices were set for another weekly gain due to supply shortages and strong economic news out of China. 

US crude topped $90 per barrel on Thursday for the first time since last fall on fears that production cuts by Saudi Arabia and Russia along with flooding in Libya could send prices up further. 

New data on Friday showed that China, the world’s biggest oil importer, saw increased consumer spending and factory output. That news could boost Beijing’s struggling economy and also further lift demand for crude. 

US stocks are still on track to notch a winning week. 

The Dow was 36 points, or 0.1%, lower on Friday morning.

The S&P 500 was down 0.4%.

The Nasdaq Composite lost 0.5%.