The daily business briefing: October 26, 2023

The UAW and Ford reach a tentative deal on ending strike, the Nasdaq falls into correction territory, and more

UAW reaches deal with Ford
UAW reaches tentative deal with Ford
(Image credit: Scott Olson / Getty Images)

1. UAW reaches tentative deal with Ford to end strike

The United Auto Workers reached a tentative deal with Ford on Wednesday night to end the union's targeted six-week strike against the automaker, although it was still negotiating with General Motors and Chrysler-owner Stellantis. The agreement, which must still be ratified by union members, includes a 25% wage hike over the course of a four-year contract that will bring the top pay for assembly workers to $40 an hour. Ford, Stellantis and General Motors — Detroit's Big Three automakers — previously offered 23%. The agreement was expected to increase the odds of ending the UAW's unprecedented simultaneous partial strikes at all three automakers. The Wall Street Journal, The Associated Press

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.