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Shares of technology companies fell amid fears about inflation and interest rates.
Amazon.com is facing pressure from unions to raise wages for warehouse and delivery workers from $18 an hour to $19 an hour. Actions from major employers will complicate the Federal Reserve’s fight against inflation, one strategist said.
Quincy Crosby, global strategist at brokerage LPL Financial, said: “They’re going to have to cut their wages. . . . This is what happened in the late 70s and 80s. . . . Unions had a lot of power. And the rest of the economy, non-union workers benefited from union pressure. “
Chipmaker Micron Technology has been flagged after the memory chipmaker said it was scaling back plans to increase capacity in the face of “unprecedented” oversupply.
Elon Musk aims to show off a new humanoid robot at Tesla’s artificial intelligence event, part of the CEO’s efforts to reshape the public’s perception of the company as more than just an electric-vehicle maker.
Activision Blizzard CEO Francis Townsend, who played a central role in the video game company’s response to sexual-harassment allegations last year, is stepping down.
Write to Rob Curran at rob.curran@dowjones.com
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