Inflation in the United States remains sky-high, implying that market volatility is still rampant. To tame the red-hot inflation, the Fed has hiked interest rates 300 basis points so far this year. The central bank further vowed to hike interest rates to drag down inflation to its 2% target at best by 2025. Soaring interest rates will continue to increase the cost of borrowing, which in turn, will persistently affect consumer spending.Due to the rising interest rate-induced economic slowdown, Lyft LYFT reportedly decided to stop hiring employees through the year-end. Per LYFT spokeswoman Ashley Adams, “Like many other companies navigating an uncertain economy, we are pausing hiring for all U.S.-based roles through the end of the year.”LYFT started the process of informing prospective candidates about the decision to freeze hiring. The economic downturn-induced hiring freeze is a further setback for Lyft, shares of which have declined 66.2% year to date.Image Source: Zacks Investment ResearchIn May, rival Uber Technologies UBER had announced the decision to reduce spending and slow down hiring. To cater to the long-term interests of its shareholders, Uber aims to make its business model leaner by cutting down on expenses pertaining to marketing and incentives.Zacks Rank & Stock to ConsiderLyft currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the Zacks Internet-Services industry is Baidu BIDU, currently carrying a Zacks Rank #2 (Buy). BIDU offers a Chinese language search platform with a network of third-party websites and software applications.At Baidu, the Zacks Consensus Estimate for current-year earnings has been revised 16.2% upward over the past 60 days. BIDU has a stellar earnings surprise history, having outperformed the Zacks Consensus Estimate in each of the preceding four quarters, the average being 58.1%.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lyft, Inc. (LYFT): Free Stock Analysis Report Baidu, Inc. (BIDU): Free Stock Analysis Report Uber Technologies, Inc. (UBER): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research