Walmart sees falling food prices

GM union workers approve strike-ending contract, Walmart's CEO says food deflation is coming, and more [View this email in your browser]( [What makes a subscription to The Week so valuable now? Click the banner]( [The Week]( Daily business briefing 1. [GM union members approve contract that ended strike]( United Auto Workers members at General Motors have voted to approve the new [contract their union negotiated]( with the company. The approval made GM the first of Detroit's Big Three automakers to get a contract ratified after union members ended punishing strikes. The contract's fate had come into question when narrow majorities of workers at several GM plants opposed it. Overall, the contract passed by about 3,400 votes, with 54.7% in favor. As of Thursday, larger majorities had backed the contracts negotiated with the other two automakers targeted in the strike. At Ford, 66.7% of workers were in favor, while at Stellantis (Chrysler) the figure was 66.5%, according to the UAW website. [The Associated Press]( 2. [Walmart CEO says food prices should soon fall]( Walmart CEO Doug McMillon said Thursday that food prices could start falling soon after [three years of steady price hikes](. Food prices have jumped 25% since the start of the coronavirus pandemic. But the pace of food inflation has slowed in recent months, with prices rising just 3.3% on an annual basis in October, according to the Labor Department. Prices on some staples, including bacon, seafood and eggs, have dropped, as have prices on other goods like appliances and phones. "We may see dry grocery and consumables start to deflate in the coming weeks and months," McMillon said. Walmart reported strong quarterly sales on Thursday, but gave a cautious outlook as shoppers cut spending, sending its stock falling 6%. [CNN]( [The Associated Press]( Advertisement by Curiosity Stream [Discover fascinating stories and thought-provoking series on Curiosity Stream. Subscribe Now.]( 3. [Hyundai reaches deal with Amazon to sell vehicles online]( Amazon plans to start selling Hyundai vehicles next year, the two companies announced Thursday. Building on a deal announced two years ago, the companies plan to expand Hyundai's digital showroom on Amazon.com to let customers select, equip and purchase vehicles through the site, then schedule delivery through a Hyundai dealer. Under the agreement, buyers will also be able to connect with [Amazon's Alexa voice assistant]( from new Hyundai vehicles starting in 2025. "Partnering with one of the world's most customer-centric organizations unlocks incredible opportunities," Hyundai Motor CEO Jay Chang said in a statement. [Reuters]( 4. [Stock futures edge higher after rally fueled by inflation data]( U.S. stock futures rose slightly early Friday after fluctuating overnight. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up 0.3% and 0.2%, respectively, at 6:30 a.m. ET. Nasdaq futures were flat as earnings continued to roll in. Gap shares jumped 15% in after-hours trading after the clothing retailer posted better-than-expected third-quarter earnings. ChargePoint shares plunged 29% after the electric vehicle charging network company announced a management shakeup and lowered its revenue forecast. All three of the main U.S. benchmark indexes are on track to post weekly gains after a mixed day Thursday followed a rally fueled by cooler-than-expected [inflation]( data. [CNBC]( Advertisement by Curiosity Stream [Discover fascinating stories and thought-provoking series on Curiosity Stream. Subscribe Now.]( 5. [Morgan Stanley fined for data security failures]( Morgan Stanley has agreed to pay a $6.5 million fine in a deal with state attorneys general over the exposure of millions of customers' personal data, The Wall Street Journal reported. Some of the information was compromised when Morgan Stanley, doing business as Morgan Stanley Smith Barney LLC, didn't erase unencrypted data in certain computer devices later sold at auction, according to New York Attorney General Letitia James. Other failures included hiring an inexperienced moving company to decommission thousands of hard drives and servers that held sensitive data, and leaving out 42 servers during a decommissioning process. The company, which also agreed to take steps to boost data security, said it previously "notified all potentially impacted clients." [The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Share via email](mailto:?Subject= Morgan Stanley fined for data security failures &body=Read the story here utm_campaign=business_briefing_newsletter_20231117&utm_source=business_briefing_newsletter)   [Read more business stories at theweek.com](     [Play The Week's daily puzzles](   Popular reads [Will Rep. George Santos be fired before he can retire?]( [23 of America's most unexpectedly banned books]( [6 captivating homes for stargazers](   [Read more on theweek.com](     [What makes a subscription to The Week so valuable now? Click the banner](   © Future US, Inc • [theweek.com]( [Unsubscribe from this newsletter]( [Privacy Policy]( The Week is published by Future US, Inc. Full 7th Floor, 130 West 42nd Street, New York, NY, 10036.