Stocks Will Be in Bear Market Until a One-Day, 5%-6% Drop, Gartman Says

Reuters

U.S. trucking downturn puts pressure on independent operators -Uber Freight

A continued decline in on-demand trucking prices risks squeezing out tens of thousands of small operator-owned trucking companies that rushed into the market when rates were surging earlier this year, Uber Technologies Inc’s head of freight said. Surging diesel fuel costs and a leveling of U.S. consumer demand meant many owner-operator truckers would have to exit the industry if prices drop by a further 10% to 20%, Lior Ron, head of Uber Freight, said in an interview. Rates in the on-demand spot market, under pressure since early March, have dropped a further $0.30 on a per-mile basis in April, faster than the typical seasonal decline, Uber data showed.