Teens take large stake in hot labor market - May 10, 2022

Stock futures rebounded Tuesday morning after the S&P 500 ended below 4,000 for the first time since March 2021 and the Nasdaq dropped upwards of 4% Monday. The combination of rising interest rates and a potential recession led to the major selloff as traders struggled to grapple with last week’s market swings. Apple shares dropped 3.3%, weighing heavily on the Nasdaq while Microsoft dropped 3.7% and Tesla fell 9.1%. Many economists remain uneasy about the future, arguing the distinction between the economy and the stock market is getting increasingly harder to draw. Tech-industry leaders plan to visit Capitol Hill this week to warn that the remote work trend will eventually cause many companies to internationally outsource technology workers unless the U.S. ups the number of skilled-worker visas it admits. Tech leaders worry the trend paired with limited immigration may cause candidates to favor jobs in Canada and other countries. Remote tech positions have jumped upwards of 420% since January 2020 and more than 22% of all tech jobs were listed as remote in February of this year. A new study indicated that the ability to work from home is strongly tied to happiness at work. Uber plans to scale back hiring and reduce spending on its marketing tactics to become a leaner business and address a “seismic shift” in investor sentiment, Uber’s CEO told employees. Uber shares fell 12% Monday after the announcement, and Uber shares have fallen more than 40% so far this year. The cost of ridesharing apps like Uber and Lyft increased 92% from January 2018 to July 2021 due to a shortage of drivers and recent spikes in gas prices have skyrocketed prices further. Tech companies that once powered the U.S. economy are struggling with some of the biggest challenges they have seen in years. Pfizer announced plans to acquire Biohaven Pharmaceutical Holding Co. for more than $11 billion in cash to gain full ownership of an approved treatment for migraine headaches. Pfizer recently made billions from sales of its COVID-19 v