Why another Hollywood strike may be on the horizon

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, January 22.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.

Stocks are looking to build on Friday’s gains after the S&P 500 notched a fresh record high. Investors are looking ahead to a busy week of economic data on Wall Street with a GDP reading out Thursday and a key inflation report Friday. Wall Street will also be watching for earnings from Tesla, Netflix, and Microsoft, all expected this week.

In other news, 70,000 musicians across the U.S. and Canada are prepared to go on strike. The American Federation of Musicians, which represents members who make music for film, TV, commercials, and other platforms, says it will begin negotiating a new contract with the Alliance of Motion Picture and Television Producers on January 22.

Regarding the potential strike, the president of the A.F.M. said, quote “Our musicians have been facing pay cuts over the last year because of the change of the business model and how our product is distributed.” In the new contract, the union is seeking A.I protections, better health benefits, higher wages, better working conditions, and residual payments for streaming content.

The A.M.P.T.P. responded to the request for a new deal by saying it “looks forward to productive negotiations with the federation, with the goal of concluding an agreement that will ensure an active year ahead for the industry and recognize the value that musicians add to motion pictures and television.”

2023 saw workers from a variety of industries go on strike as employees sought better contracts. Healthcare, carmakers, airlines, and Hollywood all saw thousands of workers hit the picket lines last year.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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