Why Uber And Lyft Shares Are Diving

Uber Technologies Inc UBER and LYFT Inc LYFT shares are trading lower by 7.11% to $26.04 and 9.00% to $13.20, respectively, during Thursday's trading session. Shares of several companies in the broader industrials sector are trading lower as stocks pull back after gaining on Wednesday. Jobless claims for September came in below estimates, adding to concern of further Fed rate hikes which could impact economic activity and consumer spending.

What Happened?

U.S. initial jobless claims unexpectedly fell last week to the lowest levels since April, signaling the labor market remains resilient despite continued rate hikes from the Federal Reserve.

Jobless claims decreased by 16,000 for the week ending Sept. 24 to 193,000 from a downwardly revised level of 209,000 in the prior week, according to data the Labor Department released on Thursday...Read More

See Also: Surprise! Jobless Claims Fall To Lowest Levels Since April: What You Need To Know Now