GM, Ford, and Stellantis were off in premarket trading, but gained strength as the day wore on.
Stocks for the Detroit Three auto makers were inching higher on Friday, despite a partial strike by the United Auto Workers after the union and the companies failed agree on a new contract.
Wedbush analyst Dan Ives told Barron’s he believes expectations for only a short-term strike helped push the stocks higher. Ives said he was hopeful the strike lasted no more than two to three weeks. Morningstar analyst David Whiston noted markets may like that the strike is targeted to only three plants for now.
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