Uber, Lyft Slump After Government Labor Proposal

Stocks ended mostly lower after an afternoon hiccup on Wall Street as trading remains unsettled ahead of key reports on inflation and corporate earnings. The S&P 500 fell 23.55 points, or 0.7%, to 3,588.84 after wavering down, up, then back down again. The Dow Jones Industrial Average rose 36.31 points, or 0.1%, to 29,239.19. The Nasdaq fell 115.91 points, or 1.1%, to 10,426.19. The S&P 500 marked its fifth straight loss as worries grow that a recession may be looming, the AP reports. The International Monetary Fund, a global lending agency, further stoked those fears when it cut its forecast for global growth next year to 2.7%, down from the 2.9% it estimated in July.

Technology stocks accounted for a big share of the decline among S&P 500 companies. Chipmakers continued slipping in the wake of the US government's decision to tighten export controls on semiconductors and chip manufacturing equipment to China. Qualcomm fell 4%. Banks and communication stocks also weighed on the market, keeping gains in health care and household goods makers in check. Uber fell 10.4% and Lyft slumped 12% following a proposal by the US government that could give contract workers at ride-hailing and other gig economy companies full status as employees. The proposal calls for workers to be treated as employees when they are "economically dependent" on the company, Reuters reports.

Investors have a busy week ahead of economic and corporate earnings reports that could provide a clearer picture of inflation's impact, while also raising questions about whether the Fed should continue with its aggressive rate hikes. The Fed will release minutes from its last meeting on Wednesday, possibly giving Wall Street more insight into its views on inflation and next steps. The government will also release its report on wholesale prices, which will help provide more details on how inflation is hitting businesses. The closely watched report on consumer prices will be released on Thursday and a report on retail sales is due Friday. (More stock market stories.)