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Stock Market News: Uber shares soar, Yellen warns on debt ceiling, IBM, Chegg CEOs talk AI

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Treasury Secretary Janet Yellen warns on debt ceiling as the Federal Reserve begins its two-day meeting. JOLTS report kicks off jobs data. Uber, Pfizer, Starbucks earnings in focus. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.

forecast quarterly core earnings above estimates on Tuesday, after a surge in demand for travel and food delivery helped the U.S. ride-sharing giant report better-than-expected results for the January-March period.from a pandemic-induced lull. A jump in the number of people looking to gain additional income is also helping platforms such as Uber squeeze out higher profit by offering lower incentives to gig workers, analysts have said.

Uber expects adjusted EBITDA between $800 million and $850 million for the June quarter. That was higher than analysts' projection of $749.1 million, according to Refinitiv. The company also forecast gross bookings, the total dollar value from its services, of between $33 billion and $34 billion, compared with the expectations of $33 billion.

 

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