GM’s stock bounces of more than 3-year low after report of tentative deal reached with UAW to end strike

Shares of General Motors Co.
GM,
+0.72%
bounced 1.2% off a 3 1/2-year low in morning trading Monday, after CNBC reported that the automaker reached an tentative deal with the United Auto Workers that would end the six-week long labor strike. The report comes a day after the UAW widened its strike against GM, as the Associated Press reported, hours after a tentative deal was reached with fellow Big 3 automaker Stellantis N.V.
STLA,
+0.58%
and about a week after Ford Motor Co.
F,
-1.00%
also reached a deal. CNBC reported that the UAW’s 4 1/2-year agreement with GM includes a 25% wage increase, including a 68% increase in starting hourly wages to $28 an hour. and UAW didn’t immediately respond to a request for comment. The stock, which closed Friday at the lowest price since Aug. 7,. 2020, has tumbled 28.1% over the past three months while the S&P 500
SPX,
+0.74%
has shed 9.2%.