Summary
Stocks fell on Friday morning following the start of a UAW strike against the Big Three automakers, which could lower inventories and raise prices for both cars and parts. The strike is the first to target all three companies at once. However, it is not a full-scale walkout and will initially involve less than 13,000 of the UAW’s roughly 150,000 members. On the earnings front, Adobe shares fell 4% despite solid fiscal 3Q results amid concerns about soft sales in the current fourth quarter. The Dow fell 0.4%, the S&P 0.6%, and the Nasdaq 0.9%. Crude oil traded near $90 per barrel, while gold rose $19 to $1952 per ounce.
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