Morning Business Report: Wall Street opens higher as markets eye tech, housing, autonomous vehicle battles
Stocks started the week on a positive note, with all major markets rising.
(LILAMAX)- Stocks started the week on a positive note, with all major markets rising. The Nasdaq led the gains, climbing more than 160 points.
Analysts are watching the potential impact of a proposed $100,000 fee for H-1B visas. While they warn it could slow innovation in the U.S., they say the financial effect on giants like Amazon, Microsoft, Meta, and Apple will likely be modest given their profitability.
Amazon faces a major legal test this week, as a jury weighs whether the company used deceptive practices to sign up nearly 40 million people for Prime subscriptions. The Federal Trade Commission alleges Amazon misled users into auto-renewing their memberships. The company denies wrongdoing.
In the transportation sector, competition is heating up among Waymo, Uber, and Lyft in the autonomous ride-share space. But the boom in robotaxis could bring new congestion. A Vox report notes that autonomous vehicles frequently break traffic rules, such as blocking bus and bike lanes. Cities including San Francisco and Los Angeles are already struggling with traffic problems and are considering heavy fines or congestion pricing as the number of AVs grows. Industry estimates suggest fleets could expand from 10,000 to 100,000 vehicles as service spreads to Austin, Atlanta, and Nashville.
In real estate, Compass announced plans to acquire Anywhere Real Estate in a $1.6 billion stock deal. The merger will create a company valued at around $10 billion, one of the largest in the industry.
Looking ahead, the U.S. Census Bureau is set to release new building permit data Tuesday, offering insight into the housing market. Weekly jobless claims will follow on Thursday.
