David Nicholas, CEO of Nicholas Wealth Management, discusses how an ongoing port strike could have significant negative impacts on the US economy. He emphasizes that the strike may last longer than many people anticipate, which could further disrupt supply chains and affect the stock market.
Negative
The ongoing port strike is likely to lead to increased shipping costs and delays in goods reaching consumers, which could result in inflationary pressures and hurt consumer spending. Additionally, sectors heavily reliant on imports, such as retail and manufacturing, may see declines in stock prices due to lowered earnings and growth forecasts.
Negative
Shipping and logistics companies may face operational challenges in managing delays, which could negatively impact their profitability. Companies like FedEx and UPS, which are instrumental in supply chain logistics, might see a drop in stock performance as they deal with increased costs and service disruptions.
Capitalist Pig hedge fund manager Jonathan Hoenig weighs in on market rallies, his concern for everyday Americans amid inflation, and his stock pick.
Oct 11, 2024, 12:25 PM
JPMorgan Chase & Co. chief Jamie Dimon on Friday sounded the alarm about "critical risks" to the U.S. economy in the bank's third quarter earnings report.
Slatestone Wealth Chief Market Strategist Kenny Polcari discusses the market rallying following the inflation report, Jamie Dimon's warning of geopolitical risks, and how he fared during Hurricane Milton.