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Without any major announcements from the company, why has stock prices surged downwards?

Stocks traded 10% lower on the 5th of December following Google’s announcement of the expansion of its Waymo One service into Miami. This move has increased the pressure on Uber’s ride sharing scheme. Coupled with the previous decline of stock prices due to speculation that Tesla’s robotaxi business is likely to gain traction first, Uber shares are now seeing a different outlook.

The move shows a fall in prices below the 200-day moving average. Coupled with with a downward trend of the 50-day moving average, investors should expect the stock price to continue falling over the following month to a $60 price point.