Ports are reopening today, as the longshoremen's union agreed with terminal operators and shipping liners to extend their previous contract through January 15.

"The most important thing is going to be for the carriers, shippers, and workers to come to terms. There's really no substitute for the ports being up and running."

Delinquencies are rising, executives are flagging caution among shoppers, and retail sales barely increased in May after falling in April.

As the summer goes on, the ILA contract talks are likely to further inflate container rates that are already on the rise.