UAW President to Address Union Members Amidst Ongoing Strike

United Auto Workers (UAW) President Shawn Fain is scheduled to address union members this Friday at 10 a.m. Eastern time. In the event that negotiations make no progress, Fain may announce new strike targets, according to the union's announcement on Wednesday.

Since September 14, thousands of autoworkers at Ford Motor Co. (F), General Motors Co. (GM), and Stellantis NV (STLA) have been on strike. Last Friday, during a similar address by Fain, the union expanded the labor action to include dozens of GM and Stellantis distribution centers, severely impacting the automakers' repair networks.

Breaking from tradition, the UAW has labeled this approach a "stand up" strike, departing from solely striking at all facilities of one carmaker. Fain's upcoming address is expected to be webcasted on Facebook Live and the union's YouTube channel.

Market Impact and Stock Performance

In response to the ongoing strike, there have been notable effects on the market and stock performance. Ford, which made concessions to the autoworkers and was therefore spared a second wave of labor action, experienced a slight decline in shares on Wednesday. Similarly, Stellantis witnessed a 0.7% drop in shares. Conversely, GM's stock defied the trend by inching 0.3% higher during late trading, aligning with the S&P 500 SPX.