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Dear Fellow Investor,
Ports from Maine to Texas are on strike over wages and automation.
And should it go on for more than a few weeks, we could get hit with massive shortages and crippling inflation, which could easily derail further rate cuts.
According to the Associated Press, “The contract between the ports and about 45,000 members of the International Longshoremen’s Association expired at midnight, and even though progress was reported in talks on Monday, the workers went on strike. The strike affecting 36 ports is the first by the union since 1977.”
USA Today says it could cost the U.S. economy up to $5 billion a day, and could devastate small and medium-sized businesses. It could also send prices for most goods up significantly.
“Any strike that lasts more than one week could cause goods shortages for the holidays,” Eric Clark, portfolio manager at Accuvest Global Advisors, told USA TODAY. “We could get the kind of inflation for six months similar to or worse than peak inflation levels a year ago.”
Porter & Co.
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Companies: FedEx (SYM: FDX) and UPS (SYM: UPS)
One way to trade the chaos is with companies like FedEx (SYM: FDX) and UPS (SYM: UPS).
The idea is that demand for air freight could jump with the strike.
According to supply chain logistics company Flexport, “Should a strike last for one week, air freight costs will likely rise in mid-October and may last until the end of November. If the strike continues into next week, then rates could continue to spike until the end of the year, with November rate levels comparable to what we saw at the peak of the pandemic.”
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ETF: iShares Transportation ETF (SYM: IYT)
Even ETFs such as the iShares Transportation ETF (SYM: IYT) may benefit.
With an expense ratio of 0.39%, the IYT ETF offers exposure to airline, railroad and trucking companies, including UPS and FedEx. Other top holdings in the ETF include JB Hunt Transport (SYM: JBHT), XPO Inc. (SYM: XPO), GXO Logistics (SYM: GXO) and Air Transport Services (SYM: ATSG).
Also, should the strike go on longer than expected, investors may also want to consider shorting the major indices.
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