Uber shares surge on profit forecasts, S&P 500 rebounds as Biden speaks at UN [Video]

Shares in Uber Technologies were trading higher on Tuesday, as reports circulated that the company was set to report adjusted profits.

After being one of the biggest companies impacted by the COVID-19 outbreak, Uber has quietly regained its footing in recent months.

It is reported that online food orders surged and ride bookings recovered from pandemic lows last quarter.

As a result, the company announced that it was expecting adjusted earnings before interest to breakeven in Q3, forecasting a loss of $25 million and a profit of the same figure, compared with the prior reports of a loss of $100 million.

Uber was trading 12.44% higher, as of writing.

S&P 500 rebounds, as Biden speaks at UN

The benchmark S&P 500 rebounded on Tuesday, a day before September’s much anticipated Fed meeting.

Tuesday’s rally also came as U.S. President Joe Biden spoke at the United Nations General Assembly.

Defending his decision to end America’s presence in Afghanistan, the President stated, “Instead of continuing to fight the wars of the past, we are fixing our eyes and devoting our resources to challenges that hold the keys to our collective future”.

Biden’s speech came during the 76th Annual UN Assembly, which was substantially scaled down due to the COVID-19 pandemic.

As of writing, the S&P 500 was marginally higher, with the NASDAQ trading 0.30% higher.