UAW Strike Sends Stocks Tumbling, Dow Jones Futures Rise

U.S. stocks, including the Nasdaq and S&P 500, sank on Friday as enthusiasm for Arm's successful IPO waned and the United Auto Workers (UAW) initiated a strike against Detroit's Big Three automakers. The Dow Jones Industrial Average fell 0.8% but managed to gain 0.1% for the week. The UAW strike, the first against all three automakers simultaneously, could impact the near-term ambitions of the automakers and cost the U.S. economy billions of dollars. Meanwhile, Adobe posted better-than-expected results, and Apple plans to update iPhone 12 software in France to address radiation concerns.