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Drilling rigs sit unused on a companies lot located in the Permian Basin area on March 13, 2022 in Odessa, Texas.

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This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Losing week for stocks
U.S. stocks were mixed Friday, with the Dow Jones Industrial Average the only major index to eke out a gain. Europe’s Stoxx 600 index sank 1.09%, weighed down by a 2.1% drop in technology stocks. Meanwhile, the U.K. surprised with a better-than-expected 0.2% growth in gross domestic product during the second quarter.

Higher producer costs
U.S. wholesale prices rose 0.3% in July. That’s more than economists had expected and the biggest monthly increase since January. On a year-over-year basis, the producer price index was up 0.8%. The PPI tends to reflect price changes before they filter into the consumer price index, so this could dampen the enthusiasm over July’s cooler-than-expected CPI.

Jail for SBF
FTX founder Sam Bankman-Fried headed to jail Friday after a judge revoked his bail over alleged witness tampering. Government prosecutors said Bankman-Fried had sent over 100 emails to the media, including private diary entries of his ex-girlfriend, Coraline Ellison, to the New York Times. Bankman-Fried’s expected to remain in custody until his criminal trial on Oct. 2.

Nvidia’s incredible year
Nvidia’s shares are up 180% this year, beating every other stock in the S&P 500 and making Nvidia the fifth-most valuable U.S. company. But that gives its stock a current price-to-earnings ratio of 220, a multiple more than three times higher than Tesla’s. CNBC’s Kif Leswing explains the trajectory behind Nvidia’s ascent, and where the chipmaker could go from here.

[PRO] Week of the consumer
The U.S. consumer is in focus this week. July’s retail sales data comes out Tuesday. Alongside that will be earnings reports from a range of retailers, ranging from big-box merchandisers like Target, discount shops like TJX Companies and luxury retailers like Tapestry, which owns Coach and Kate Spade. They’ll give a snapshot of whether the consumer can continue propping up the U.S. economy.

The bottom line

There’s a new narrative in markets.

The Nvidia-fueled rally that began in May seems to be petering out. Expectations of bumper earnings are now baked into stock prices — and investors are realizing how expensive artificial intelligence stocks are. The VanEck Semiconductor ETF was down 5.2% for the week, its worst since October 2022.

At the same time, the U.S. economy is growing so much more than anticipated that Wall Street thinks a recession isn’t happening this year. Economists, according to a Philadelphia Federal Reserve poll, are also revising upwards their growth forecasts.

A robust economy means higher demand for goods and services. One barometer of that is oil. Indeed, prices for oil have rallied for seven consecutive weeks, the first time since June 2022. To be sure, that’s largely because of supply constraints for now, but increased demand will surely translate into higher prices soon.

That’s good news for investors in energy stocks, which led the market Friday, last week, this month and this quarter, as CNBC’s Scott Schnipper observed. The VanEck Oil Services ETF rose 2% last week, handily beating the VanEck Semiconductor ETF.

But that’s bad news for investors wary of interest rates. Higher commodity prices and demand might mean the Federal Reserve may not pause — or cut — rates as soon as markets expect. The hotter-than-expected PPI reading adds credence to this new narrative.

Markets were shaken. The S&P 500 lost 0.1% and the Nasdaq Composite slid 0.6%, giving both indexes their second straight losing week. For the Nasdaq, that’s its longest down streak since December. The Dow Jones Industrial Average, however, managed to eke out a 0.3% increase to advance 0.6% for the week.

The week ahead is dominated by consumer spending data, which can be fuzzy because it tends to fluctuate by season and sentiment. Prepare for more volatility.

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Illinois awards $18.4M in restored NEVI funds to build EV charging stations

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Illinois awards .4M in restored NEVI funds to build EV charging stations

Illinois is expanding its EV charging network with $18.4 million in federal grants that were restored after being unlawfully frozen by the Trump administration. The grants come from the second round of the National Electric Vehicle Infrastructure (NEVI) program, which supports Illinois’s goal of registering 1 million EVs by 2030.

Governor JB Pritzker, Attorney General Kwame Raoul, and the Illinois Department of Transportation (IDOT) announced Wednesday that the money will fund 25 new fast charging stations along interstate corridors.

Each new station will include at least four DC fast charging ports, which can top up an EV from empty in under 30 minutes. In total, the projects will add 167 new charging ports across the state.

Illinois is slated to receive $148 million in NEVI funds through the federal Infrastructure Investment and Jobs Act. Last year, the first round of awards sent $25.3 million to 37 charging station projects. With this new round, IDOT has awarded $43.8 million so far, covering 62 projects and 349 charging ports.

Pritzker said, “I’m thankful for the quick action of our attorney general in the fight to restore these funds that President Trump was unlawfully withholding. With these resources rightfully coming back to Illinois, I look forward to taking another step forward in our continued efforts to expand EV infrastructure and boost local economies across Illinois.”

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In May, Illinois Attorney General Kwame Raoul joined 16 other attorneys general in suing the Federal Highway Administration for withholding the remainder of the appropriated funds. A judge in June ordered the administration to release funding appropriated to Illinois and 13 other states. Raoul said, “I am pleased that our coalition’s work has resulted in this money finally reaching Illinois, which ultimately boosts our state’s economy.”

Illinois EPA Director James Jennings noted that these NEVI-funded stations will complement the more than 450 charging stations already supported by the state. “Together, state agencies are working to offer EV drivers multiple charging options at numerous locations, ensuring accessible and convenient travel throughout Illinois.”

The 25 projects selected were chosen through a competitive process last fall. IDOT says the next round of NEVI funding applications will open in late 2025.

Read more: The biggest solar farm east of the Mississippi is now powering Chicago


The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Is Rivian mulling the idea of offering customers a purple exterior?

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Is Rivian mulling the idea of offering customers a purple exterior?

A Rivian owner and EV enthusiast recently shared images of a purple R1S Quad out in public with manufacturer plates. Could it be a new exterior color Rivian will offer customers, or is this just a rare shade applied to a one-off test vehicle? Regardless of its future, a purple Rivian is already garnering plenty of comments from the online community.

  • Purple Rivian
  • Purple Rivian

Rivian owner shares images of a purple R1S Quad

Hilbert (@Hilbe) shared the three images above on X, with the caption, “What do you think Rivian will name this color? Wrong answers only.” The answers are funny, and many are precisely what you probably imagined.

If you immediately thought Grimace from McDonald’s lore, so did I and several commenters to Hilbert’s post. Upon doing some digging, I found that images of this exact purple Rivian were actually leaked eight months ago, making their way through the Rivian community on Reddit. See below:

As you can see from the second image above, this Quad Motor R1S is donning manufacturer plates, meaning this isn’t a custom paint job from a personal owner, but a bona fide model still owned and operated by Rivian.

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Furthermore, those plates are the same in multiple sightings, hinting that there is currently only one purple Rivian R1S Quad out in the world (at least on public roads).

Whether this is just a unique color the paint shop experimented with on a one-of-a-kind test vehicle or could become an actual option in the Gear Shop remains unclear at this time, although we did reach out to a representative for Rivian for more details and received an expected response:

We have nothing to add. As you know, we don’t comment on any speculation.

They didn’t say that purple was off the table (or the configurator!)

Rivian’s R1S and R1T configurator could use purple or any other unique exterior color options, as its boldest currently available option is “Rivian Blue.” Be sure to let us know what you think about a purple Rivian in the comments, much like X users did for Chris Hilbert, of which I read through all 130+ and have a few to highlight below.

I will stick to the PG responses and leave out anything related to an eggplant emoji and how that may have anything to do with any fictional purple characters (you sick puppies). Here we go:

  • “Gross Purple”
  • “Barney”
  • “Purple Rain”
  • “Plum Crazy”
  • “Thanos Purple”
  • “Violet Beauregarde”
  • “Purivian”
  • “Electric Eggplant”
  • “Grape Ape”
  • “Amethyst Twilight”
  • “Afternoon Purple IV”
  • “Grape Escape”
  • and last but not least… “Poiple.”

What would you call this shade? Should Rivian bring purple to the Gear Shop configurator? Let us know in the comments below. As a Rivian owner, I highly recommend doing a test drive to see what this brand is about. Afterward, email me and let me know what you thought of your ride. I’m interested to hear about it!

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EVs and batteries fuel the US VPP boom, hitting 37.5 GW in 2025

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EVs and batteries fuel the US VPP boom, hitting 37.5 GW in 2025

The US virtual power plant (VPP) market is growing fast, with 37.5 gigawatts of behind-the-meter flexible capacity now online, according to a new Wood Mackenzie report. VPPs connect small energy systems and smart devices into a single network managed by an energy company or utility. That can include residential solar panels, battery storage, EVs, and smart thermostats. When the grid needs help during peak demand or emergencies, they can be tapped – and you get paid for participating.

Wood Mackenzie’s “2025 North America Virtual Power Plant Market” report shows that the market is expanding more broadly than deeply. The number of company deployments, unique buyers (offtakers), and market and utility programs each grew by more than 33% in the past year. But total capacity grew at a slower pace – just under 14%. “Utility program caps, capacity accreditation reforms, and market barriers have prevented capacity from growing as fast as market activity,” said Ben Hertz-Shargel, global head of grid edge at Wood Mackenzie.

Residential VPP customers are gaining ground

Residential customers are making a bigger dent in wholesale market capacity, increasing their share to 10.2% from 8.8% in 2024. But small customers still face roadblocks, mainly due to limits on data access for enrollment and market settlement.

Battery storage and EVs are also playing a bigger role. Deployments that include batteries or EVs now account for 61% as many as those that include smart thermostats, which have long dominated VPP programs.

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Leading states and markets

California, Texas, New York, and Massachusetts are leading the pack, making up 37% of all VPP deployments. In wholesale markets, PJM (which manages the electric grid for 13 states and DC) and ERCOT (the Texas grid), both home to massive data center commitments, also have the highest disclosed VPP offtake capacity. “While data centers are the source of new load, there’s an enormous opportunity to tap VPPs as the new source of grid flexibility,” Hertz-Shargel said.

Offtake growth and new business models

The top 25 VPP offtakers each procured more than 100 megawatts this year. Over half of all offtakers expanded their deployments by at least 30% compared to last year. That’s fueling the rise of a new “independent distributed power producer” model, where companies aim to use grid service revenue and energy arbitrage to finance third-party-owned storage for electricity retailers.

Policy pushback

Not everyone is on board with how utilities are approaching distributed energy resources (DERs). Many VPP aggregators and software providers oppose utilities putting DERs into their rate base under the Distributed Capacity Procurement model.* “This model is seen as limiting access of private capital and aggregators from the DER market, rather than leveraging customer and third-party-owned resources,” Hertz-Shargel explained. He added that most wholesale market experts believe FERC Order 2222 was a missed opportunity and won’t significantly improve market access.

*I really like this model, personally. I leased two Tesla Powerwalls under Green Mountain Power’s Lease Energy Storage program in Vermont for $55 a month, and it’s an excellent VPP program that’s grown much more rapidly than other models, such as bring-your-own batteries.

Read more: California’s grid gets a record power assist from a 100k home battery fleet


The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

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