Shares of technology companies fell amid lingering concerns about inflation and interest rates.
Amazon.com is raising wages for warehouse and delivery workers to more than $19 an hour from $18 an hour previously, facing pressure from unions. Moves like this from major employers complicate the Federal Reserve’s fight against inflation, said one strategist.
“They’ve got to get wages down … to slow down the wage price spiral,” said Quincy Krosby, chief global strategist at brokerage LPL Financial. “This is what used to happen in the late 70s, and 80s … unions had tremendous power. And the rest of the economy, the non union workers also benefited from the push from unions.”
Chipmaker Micron Technology ticked up after the memory chip maker said it was scaling back on plans to build out capacity in light of “unprecedented” oversupply.
Elon Musk aims to show off a new humanoid robot at a Tesla artificial intelligence event, part of the chief executive’s effort to shape public perception of the company as more than an electric-vehicle maker.
Frances Townsend, an Activision Blizzard executive who played a central role in the videogame company’s response to sexual-harassment allegations last year, is stepping down.
Write to Rob Curran at [email protected]
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