Our Commentary
Market Update: November 9th 2020
U.S. stocks gained sharply last week, experiencing the strongest week since the early post-COVID downdraft in April—as election results became more clear. Every sector ended positively last week, led by growth segments technology and health care, each up over 8%. On the weaker side, energy rose less than a percent, with continued challenges for crude oil prices.
How a California Ballot Measure Could Re-Shape the Gig Economy
Had Prop 22 failed to pass, there would have been a huge reclassification of gig workers in California which is a large market for these companies. California represents 9% of Uber’s global rides and Eats bookings, and is responsible for around 16% of Lyft’s total rides. The market’s reception to the passing of Prop 22 was positive, as shares of Uber rose 11.0% toward a near 9-month high and Lyft rose 14.9%.