Uber’s taxi service is in red on quiet Wall Street
Uber Technologies taxi service’s stake in New York stock markets fell on Friday following the UK Supreme Court ruling on employees in the UK. The major indicators on Wall Street mostly showed minor negatives to the price signals.
Uber lost 1 percent. Taxi service drivers are employees who are entitled to a minimum wage, vacation allowance, and vacation leave, according to the Supreme Court. So far, the company has treated drivers as self-employed, reducing their rights under the law. The ruling is seen as a new setback for Uber and according to experts, could put the UK’s business model, the most important European market for Uber, at risk.
The leading Dow Jones index ended almost unchanged at 31,494.32 points. The broad-based S&P 500 index fell 0.2 percent to 3,906.71 points, and the technology Nasdaq index fell 0.4 percent to 13,580.78 points.
Chip machine maker Applied Materials rose more than 5 percent, buoyed by better-than-expected numbers and expectations. Chip companies such as Applied Materials are taking advantage of the high demand for chips for laptops and computers, for example, due to lockdowns and work at home.
Builder of agricultural machinery such as tractors and combine harvesters Deer has also opened books. Results and prospects slipped well with investors, with Deere’s stake up 10 percent. Industry colleague Caterpillar, who is known as excavators and bulldozers, won 5 percent.
Market researcher Markit also announced that economic activity in the US is growing slightly more strongly this month. This is mainly due to the service sector in the supply and retail trade, aided by the partial easing of closures. In the industry, growth has been somewhat less robust. This was partly due to production disruptions in, say, the auto industry due to a shortage of chips and harsh winter weather.
The euro reached $ 1.2115, compared to $ 1.2135 at the close in Europe. A barrel of US oil is 2.1% cheaper at $ 59.03. Brent oil price fell 1.4 percent to $ 62.66 a barrel.
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