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Infrastructure stocks took off late this week as a bill backed by President Joe Biden cleared another key hurdle.

Late Wednesday, the Senate voted to advance the infrastructure bill, which includes $550 billion in new spending for such projects as moving the country to clean energy reliance, building roads and rails and expanding internet access.

The PAVE ETF, whose stocks include Deere and Union Pacific, rose more than 1% on Thursday on the heels of that progress.

While the bill has a way to go with the details still unknown, any influx of spending could have an outsized impact on industrials, materials and utilities stocks. CNBC’s “Trading Nation” asked its traders on Thursday about what companies they see as key beneficiaries.

“There’s a lot of ways to play this,” said Gina Sanchez, CEO of Chantico Global and chief market strategist at Lido Advisors. She pointed to the PAVE or IFRA infrastructure ETFs as two broad ways to gain exposure.

But her favorite way to play the space is through the materials sector.

“They have been putting one foot in front of the other to the tune of over 30% this year, and so you could play the broad materials ETF or you could play specific names like BHP Billiton or Cleveland-Cliffs. …These are steel names, and you need steel, you need aggregates, Vulcan Materials, and so those are the kinds of names that we’re looking at right now to sort of really get ahead of this trade,” she said.

JC O’Hara, chief market technician at MKM Partners, said “follow the money” by investing in the areas where the most funds are earmarked within the bill.

“We found two key segments that we want to explore further — first, power infrastructure. A big portion of money is allocated to this, so you have to look at utilities, and the second portion is water. We have $50 billion for water infrastructure proposed at this time, another $55 billion for replacing all the country’s lead pipes, so that’s a big chunk of this bill,” O’Hara said.

There’s one name in particular that stands out to O’Hara — American Water Works, a $31 billion utilities company that has gained 11% in July.

“If you look at the chart, there has been strong accumulation over the last 12 months. This week, the utilities are breaking out to new highs, so technically very sound. And finally, this utility sports a decent dividend yield in line with the U.S. 10-year, but what we like about this is the dividend growth growing at 10% a year,” said O’Hara.

American Water yields 1.4%, slightly better than the S&P 500. The stock has underperformed the S&P 500 this year, but has picked up steam in the past month.

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Tesla Model 3 prototype spotted ahead of rumored design refresh

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Tesla Model 3 prototype spotted ahead of rumored design refresh

A new Tesla Model 3 prototype with camouflage has been spotted in California ahead of a rumored refresh coming next year.

Over the last week, there have been rumors that Tesla is working on a Model 3 refresh that would come during the second half of 2023.

The project is reportedly codenamed ‘Highland’.

For a few years now, Tesla has been integrating its large casting technology into Model Y with single large casting parts replacing dozens of parts in the electric SUV.

This new technology has enabled Tesla to greatly improve manufacturing efficiency with Model Y compared to Model 3. CEO Elon Musk said that Tesla will bring the same technology to Model 3 eventually, but he couldn’t exactly say when.

The problem is that such an update to the Model 3 would temporarily slow down production and Tesla couldn’t afford that while it was still ramping up Model Y production.

However, Model Y production is now starting to exceed Model 3 production and it could be good timing for Tesla to update the Model 3 and use a design refresh to introduce the large from and rear casting.

Now a new Model 3 prototype has been spotted in Santa Cruz, California by Twitter user omg_Tesla/Rivian:

The Model 3 is equipped with manufacturer plates, which would indicate that it is owned by Tesla, and combined with the heavy camouflage in the front and back of the vehicle, it likely points to the automaker testing an updated version of the electric sedan.

However, not much can be discerned from the pictures thanks to the camouflage, which even covers large parts of the headlights.

Nonetheless, some commenters on Twitter did notice what could potentially be a camera embedded in the corner of the front right headlight:

It’s barely visible and therefore unconfirmed, but it would make sense to place a camera around that spot since Tesla’s current self-driving sensor suite has a blind spot around the bumper and it could also help with the creeping forward to see traffic before taking a turn in Full Self-Driving – something FSD Beta has issues with right now.

Tesla has always said that it would keep improving its Autopilot and Full Self-Driving hardware, but current owners who bought vehicles with the promise that self-driving will be enabled through software updates are concerned that Tesla might find that it would need a new sensor suite to achieve the promise.

What do you think about this Tesla Model 3 prototype? Is the camouflage hiding a Model 3 design refresh? A new Autopilot sensor suite? Let us know what you think in the comment section below.

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OPEC+ agrees to stick to its existing policy of reducing oil production ahead of Russia sanctions

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OPEC+ agrees to stick to its existing policy of reducing oil production ahead of Russia sanctions

Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November.

Vladimir Simicek | Afp | Getty Images

An influential alliance of oil producers on Sunday agreed to stay the course on output policy ahead of a pending ban from the European Union on Russian crude.

OPEC and non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided to stick to its existing policy of reducing oil production by 2 million barrels per day, or about 2% of world demand, from November until the end of 2023.

Energy analysts had expected OPEC+ to consider fresh price-supporting production cuts ahead of a possible double blow to Russia’s oil revenues.

The European Union is poised to ban all imports of Russian seaborne crude from Monday, while the U.S. and other members of the G-7 will impose a price cap on the oil Russia sells to countries around the world.

The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good.

Oil prices have fallen to below $90 a barrel from more than $120 in early June ahead of potentially disruptive sanctions on Russian oil, weakening crude demand in China and mounting fears of a recession.

Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November. It came despite calls from the U.S. for the group to pump more to lower fuel prices and help the global economy.

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What’s the status of California’s upcoming $10M electric bike rebate program?

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What's the status of California's upcoming M electric bike rebate program?

California allocated $10 million for a rebate program to help make electric bikes more affordable. But hang on there; it’s not active quite yet.

The move is part of a years-long effort to help reduce the price of expensive electric bicycles for state residents. The ultimate goal is to make it easier for commuters to switch from car transportation to e-bike transportation.

It makes sense when you consider the long list of benefits. From cleaner air to reduced traffic and improved health/fitness, electric bikes solve many of the problems plaguing California (and the rest of the country).

But the path towards a statewide incentive program to reduce e-bike prices hasn’t been quick or easy.

specialized globe haul st e-bike

California has earmarked over $1 billion this year as incentives for electric cars and charging infrastructure, according to Streetsblog. That’s in addition to the billions already put into electric car incentives.

Back in 2019 electric bikes finally got the attention they deserved from lawmakers when California’s S.B. 400 was passed, which included a section that permitted electric bikes to be included in future clean air vehicle incentive programs.

That paved the way for the possibility of statewide e-bike rebate programs, but it didn’t actually create any.

Last year California got one step closer to that goal when it included a $10M allocation in the state budget for an e-bike rebate program. As Assemblymember Boerner Horvath said at the time:

“Making e-bikes more affordable is one of the most effective ways to get Californians out of their cars and reduce emissions. I’m thrilled that the full funding I requested for purchase incentives, education, and training is included in the budget we approved. This program represents a priority shift in the right direction and, once implemented, will help folks from all backgrounds choose a healthier, happier way to get around.”

That was another huge step in the right direction, but it hasn’t yet resulted in an active program.

That’s expected to begin in early 2023, with a number of key guidelines for California’s first statewide e-bike voucher program already laid out.

According to the California Bicycle Association, the program will create a $750 voucher for a standard electric bicycle and a $1,500 voucher for a cargo electric bicycle. There will be additional incentives for anyone whose income is under 225% of the federal poverty level (FPL) or who lives in disadvantaged communities.

But in order to qualify for the voucher, participants’ household income must be below 400% of the FPL, which amounts to $51,000 for a single person and $106,000 for a family of four at current figures.

The program will include Class 1 electric bikes (pedal assist up to 20 mph or 32 km/h) and Class 2 electric bikes (pedal assist and/or throttle up to 20 mph or 32 km/h), but will NOT include Class 3 e-bikes (pedal assist up to 28 mph).

Qualifying bikes must also either be purchased at a local bike shop in California, or online from a company that has “a business location in California”.

The move could see California align with other states that have created or already implemented electric bicycle incentives. Vermont became the first state in the US to offer a statewide e-bike rebate program. Oregon is also working on creating an e-bike incentive program that could soon become law, as New York attempts to do the same.

Many cities such as Denver, Colorado have also implemented their own local programs, though the funding is usually much smaller than statewide programs.

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