U.S. Markets closed
  • S&P 500

    3,638.35
    +8.70 (+0.24%)
     
  • Dow 30

    29,910.37
    +37.90 (+0.13%)
     
  • Nasdaq

    12,205.85
    +111.44 (+0.92%)
     
  • Russell 2000

    1,855.27
    +10.25 (+0.56%)
     
  • Crude Oil

    45.53
    -0.18 (-0.39%)
     
  • Gold

    1,788.10
    -23.10 (-1.28%)
     
  • Silver

    22.64
    -0.81 (-3.44%)
     
  • EUR/USD

    1.1967
    +0.0054 (+0.4548%)
     
  • 10-Yr Bond

    0.8420
    -0.0360 (-4.10%)
     
  • Vix

    20.84
    -0.41 (-1.93%)
     
  • GBP/USD

    1.3313
    -0.0044 (-0.3288%)
     
  • USD/JPY

    104.0700
    -0.1800 (-0.1727%)
     
  • BTC-USD

    17,159.68
    +206.52 (+1.22%)
     
  • CMC Crypto 200

    333.27
    -4.23 (-1.25%)
     
  • FTSE 100

    6,367.58
    +4.65 (+0.07%)
     
  • Nikkei 225

    26,644.71
    +107.40 (+0.40%)
     

Why Uber And Lyft Are Trading Lower Today

Tyree Gorges
·1 min read

Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) are trading lower after California polls showed a tight race for Proposition 22, which would allow the companies to classify drivers as independent contractors rather than full employees.

The ongoing battle between California and ride-hailing companies regarding whether or not drivers should be classified as employees instead of contractors raises concerns for investors regarding other states potentially following suit and how much would it cost the companies.

Uber and Lyft are both ride-sharing service providers that connect drivers to riders through their respective apps. 

Uber was trading 3.62% lower at $34.21 at the time of publication. The stock has a 52-week high of $41.86 and a 52-week low of $13.71.

Lyft was trading 6.30% lower at $23.27. The stock has a 52-week high of $54.50 and a 52-week low of $14.56.

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.