130,000 Uber, Lyft, and DoorDash drivers set for Valentine’s Day strike

The Street

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.

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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