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STORY: The UAW union launched simultaneous strikes at three factories owned by General Motors, Ford Motor and Chrysler parent Stellantis, kicking off the most ambitious U.S. industrial labor action in decades.

While he says it's still too soon to tell how the strike may effect equities, von Lipsey noted that shares of chip makers who supply the auto industry were down on Friday.

"Certainly today's market is indicating that as the strike starts to get its feet underneath it, that some of those chip makers are slowing their supply chains - because we don't want to end up with a glut of chips. They want to keep those chip prices solid and they want to keep the demand signals continuing to be very, very smooth and very strong looking forward."