Banking on it... Bank stocks including Chase, Citi, and Wells Fargo dipped on Friday after the Fed declined to extend a pandemic-era exemption that lowered their capital requirements. This means banks could have to keep more $$$ in their coffers to meet requirements each night. That could lower the amount of cash banks have available to lend out. Generally, the less available something is, the pricier it becomes — so the cost of borrowing cash could rise (read: higher interest rates on loans). Banks had been lobbying for an extension.
Black Cab vs. Uber Black... Last month, Uber lost a major labor battle in the UK (one of its largest markets). Last week, Uber made it official by reclassifying its 70K UK drivers as "workers." The less gig-y new employment status includes vacation pay, pensions, and a minimum wage. These fresh benefits could be pricey for Uber, but they're not as expansive as they sound. Still, they set a precedent that could inspire more labor activists in other countries to push for change. That's likely why Uber stock dipped 5% for the week.