The Street
The Street
  • 9 months ago
TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and why gig economy workers are set for a Valentine’s Day strike.

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Sports
Transcript
00:00 I'm J.D. Durkin and here's what we're watching on the street today.
00:03 Stocks were in the red in a big way to close out today's trading session.
00:06 The Dow closed down over 500 points.
00:09 The tech-heavy Nasdaq closed down 1.8%, while the S&P 500 closed 1.3% lower.
00:16 This all comes as markets continue to digest hotter-than-expected inflation data.
00:21 Consumer prices rose faster than expected in the month of January, renewing fears that
00:25 interest rates may need to stay higher for longer.
00:28 Investors are now pricing in an 8.5% chance that the Fed cuts rates in March and a 50%
00:34 chance they'll do so in June.
00:37 In other news, if you were planning on taking an Uber or ordering in a special meal for
00:41 Valentine's Day, you might want to make some other plans.
00:44 Thousands of drivers from Uber, Lyft, and DoorDash across the U.S. and United Kingdom
00:49 are planning to strike on February 14th.
00:52 The strikes are due to disputes over pay and working conditions.
00:56 Campaign group Justice for App Workers, which represents 130,000 drivers in the U.S., says
01:02 drivers will stop giving rides from airports in 10 major cities on Valentine's Day.
01:07 And in the U.K., the group Delivery Jobs U.K. said its 3,000 food delivery drivers will
01:12 stop working for five hours.
01:14 In a statement, the U.K.-based group said, "Our request is simple.
01:19 We want fair compensation for the work we do.
01:21 We are tired of being exploited.
01:23 Valentine's Day is a celebration of love, but it should not overshadow our struggle."
01:28 According to Gridwise, which analyzes the gig economy, Uber drivers' monthly average
01:33 gross earnings fell by more than 17% last year, while Lyft drivers saw theirs increase
01:38 by 2.5%.
01:39 That'll do it for your daily briefing.
01:42 I'm J.D. Durkin with The Street.
01:43 Thanks for watching.

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