5 Things to Know Before Markets Open

News of the day for September 14, 2023

United Auto Workers (UAW) members and supporters march

Bloomberg / Contributor / Getty Images

The United Auto Workers union said it is prepared to strike if agreements are not reached by tonight's deadline, and chip designer Arm will make its debut on the Nasdaq. Here’s what investors need to know today.

1. United Auto Workers Prepare to Strike as Negotiation Deadline Looms

The United Auto Workers (UAW) union said it is prepared to strike, in what would be its first simultaneous strike against the "Big Three" automakers, if agreements are not reached by today's 11:59 p.m. deadline. The UAW said a limited strike could help give the union gain leverage in negotiations. Shares of GM (GM) were up 0.5% and Ford (F) ticked 0.1% higher in pre-market trading, while Stallantis (STLA) shares fell 0.4%.

2. British Chip Designer Arm to Debut on Nasdaq

British chip designer and Apple supplier Arm will start trading on the Nasdaq today under the symbol ARM, in what would be the biggest initial public offering (IPO) of the year. The company set a price of $51 for its shares, valuing it at over $54 billion.

3. AMC Raises $325 Million on Stock Sale Ahead of Taylor Swift Film Release

AMC Entertainment (AMC) said it raised $325.5 million through the sale of 40 million shares it began offering on September 6, with the shares selling at an average price of $8.14. AMC said the cash could help the theater chain in its recovery, as it readies for a boost from the release of the Taylor Swift concert film in October.

4. HP Shares Fall After Berkshire Hathaway Reduces Its Stake

Shares of computer maker HP Inc. (HPQ) fell more than 2% in pre-market trading after Berkshire Hathaway (BRK.B) sold 5.5 million shares of the company, reducing the holding company’s holdings of HP to 115.5 million shares. It’s the first time that Berkshire Hathaway has sold shares of HP since it accumulated a 12% stake in the company in early 2022. Berkshire shares were little changed in pre-market trading.

5. Producer Inflation, Jobless Claims Expected to Rise

The Bureau of Labor Statistics (BLS) will issue its Producer Price Index (PPI), tracking inflation from the standpoint of manufacturers and wholesalers, at 8:30 a.m. ET. Producer prices are projected to have climbed 0.4% last month and 1.3% from a year ago, higher than July’s annual rate of 0.8%. Initial jobless claims for the week ending Sept. 9 are expected to rise to 220,000 from 216,000 the prior week when the Labor Department releases those figures at 8:30 a.m. ET. U.S. retail sales are forecasted to have increased 0.1% in August, down from the 0.7% gain in the prior month.

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  1. Barron’s. “UAW President Readies His Union for Big Three Strikes.”

  2. Wall Street Journal. “Arm Sets IPO Price at $51 a Share.”

  3. Bloomberg. “AMC Raises $325 Million Selling Stock Ahead of Taylor Swift Film.”

  4. Barron’s. “Berkshire Hathaway Sells 5.5 Million Shares of HP in Recent Days.”

  5. MarketWatch. “U.S. Economic Calendar.”

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