Uber, DoorDash, GrubHub Sue NYC Over Minimum Wage Law, Plus Amazon Faces Mounting Competition Risks from China 7/6/23

Gig economy stocks like Uber and DoorDash hit session lows after saying they're suing New York City over a law that raises delivery workers' minimum wage to $17.96/hour, nearly tripling their base pay. But it changes the calculus as investors continue to look to the apps for profitability. Plus, as the U.S. gets tough in the tech fight against China, Amazon could be caught in the middle. Biden administration cloud restrictions could hurt AWS, while Chinese e-commerce sites like Pinduoduo’s Temu and Shein are also quietly making inroads with American consumers.