Uber and Lyft shares plummet over 10.0% after new after Labor Department proposal

Uber Technologies Inc. (UBER.US) and Lyft Inc (LYFT.US) shares plunged more than 10% on Tuesday after Biden administration unveiled a proposal that could force the ride-hailing companies to hire drivers as full-time workers, rather than as independent contractors.

The details of the report indicate that the proposed rule is essentially just a test that the Labor Department will conduct in order to determine if workers are classified as contractors or employees. Companies are required to provide certain benefits and protections to employees, but not to contractors.

"While independent contractors have an important role in our economy, we have seen in many cases that employers misclassify their employees as independent contractors," labor secretary Martin Walsh said in a statement.

"Misclassification deprives workers of their federal labor protections, including their right to be paid their full, legally earned wages."

Uber Technologies Inc. (UBER.US) stock launched today's session with a massive bearish price gap, however sellers failed to keep the price below major support at $24.00, which coincides with 78.6% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5

5 June 2026, 2:49 PM

US Open: Wall Street slides amid semiconductor stocks sell-off 📌Intel down 6%

5 June 2026, 12:44 PM

Market Wrap: SAP bucks tech sell-off, SpaceX blocked from S&P 500 entry (05.06.2026)

5 June 2026, 12:10 PM

Lululemon Athletica slumps 14% after earnings amid weak North America sales 📉

5 June 2026, 11:33 AM

Nvidia Bets on Everyone as the Entire HBM "Big Three" Secures Vera Rubin Certification

Stocks

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days