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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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Formula E 600kW mid-race charging is finally ready, for real this time, we swear

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Formula E 600kW mid-race charging is finally ready, for real this time, we swear

After years of waiting and many false starts, Formula E is finally going to debut its mid-race charging system, which will give cars a quick boost of energy charging at a rate much faster than current road cars can.

For years now, we’ve been hearing about FIA plans to introduce charging stops to electric racing.

In gas car racing, some series allow mid-race fueling and some don’t. The World Endurance Championship, which runs the 24 Hours of Le Mans, obviously needs to fill up several times during the race. But Formula 1, which hosts shorter races, eliminated mid-race fueling in 2010.

Plans to bring mid-race charging to Formula E started in 2021, when the FIA started kicking around plans for an Electric GT racing series with 700kW charging.

But the FIA already had one electric racing series, Formula E, which had debuted in 2014. At the time, each driver had two cars, and would swap mid-race to a fresh car with new batteries.

Battery-swapping had been considered, but it would be too complicated to set up at temporary race facilities in city downtown areas, as many Formula E tracks are.

Then, in 2018, Formula E debuted a new “Gen 2” car which had a big enough battery not to need a charge mid-race, and later a “Gen 3” car in 2022, which had much stronger regenerative braking, capable of 600kW of braking power. Gen 3 also has an “Attack Mode” feature that lets cars unlock additional power for a short period each race, adding to strategy and mixing up the race order.

That 600kW charging ability could also be used for mid-race charging, so Formula E said that it was working on a system to allow for this. It announced that mid-race charging would come at some point in the 2023 season, but then pushed back those plans until 2024, and pushed them back again, this time with an uncertain date.

The issues involved building the charging system in temporary facilities and ensuring safety of the system (and of pit stops in general, which is always a concern when cars are driving rapidly near people). But after winter testing prior to this season, Formula E now says the system is ready to go.

So, once again, Formula E is ready to announce that mid-race charging is definitely, totally, positively, 100% certain at the upcoming Jeddah E-Prix, on February 14-15 in Jeddah, Saudi Arabia.

Formula E thinks that proving this high-power charging technology could help road cars to charge more quickly, which could have myriad benefits for electric cars in general.

The series is calling the system “Pit Boost,” and it will consist of a 34-second pit stop that provides around 10% additional charge to the cars (about 4kWh). While 10% isn’t a lot, 34 seconds is also not a lot of time. For comparison, one of the fastest-charging cars out there, the Ioniq 5, can charge from 10-80% in 18 minutes, which means 10% charge takes 2.5 minutes – five times as long as Formula E cars will manage the feat.

The stop will be mandatory for all drivers to take at some point in the race, and will mean new strategy options for drivers. Taking the stop means getting more energy, which means that your car won’t have to do as much energy saving to get to the end of the race – but it also means giving up your position on track, which can be hard to get back if you do it late in the race.

However, we’ve never seen it happen before, so it will be interesting to see what kind of strategic options develop.

If you’re interested in seeing how it turns out, tune in to the Jeddah E-Prix on February 14-15 to see what happens. It’s a doubleheader race weekend, with night races both on Saturday and Sunday, February 14-15, at 5pm UTC, 9am PST, 12pm EST, and 8pm local time. You can check out how to watch the race in your area by going to Formula E’s “Ways to Watch” section. In the US, Roku should be the most reliable way to watch.


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JackRabbit’s new solar charging kit keeps your e-bike topped up from the sun

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JackRabbit's new solar charging kit keeps your e-bike topped up from the sun

JackRabbit, the maker of pint-sized electric microbikes, is back with a new product designed to quickly recharge their batteries from pure, uncut photons mainlined into an e-bike directly from the sun. In true independent charging form, the Solar Charging Kit from JackRabbit keeps riders rolling even when there’s not a convenient AC outlet in sight.

Unveiled this week, the Solar Charging Kit consists of a single folding solar panel and a tiny voltage converter that is configured to output 42.0V, which is the exact voltage required by JackRabbit’s little e-bike batteries. There’s also an added USB-A and a USB-C charging port for powering other devices in addition to charging JackRabbit batteries.

“This Solar Charging Kit plugs directly into your bike,” explained the company, “letting you recharge without needing an outlet, but with a speed comparable to the charger that comes with the OG/OG2 (42V, 2A).”

That would mean the panel outputs around 80W of solar power, which the company says can recharge its batteries in just three hours. That fairly quick recharging speed is helped by the fact that JackRabbit’s batteries are a mere 151 Wh, or around a third of the size of most e-bike batteries.

If that sounds small, then you’re right – it is. But JackRabbit is all about going micro, offering barely 25 lb rideables that are easy to store and bring on adventures, even when they aren’t actually being ridden.

With small batteries that fit under the 160Wh limit for many airlines in the US, the batteries can be quickly charged and taken to the widest number of locations. And for riders that want to go further than a single 10-mile (16-km) battery will allow, extra batteries are small enough to fit a pants pocket. The company also offers much larger Rangebuster batteries, though they won’t pass by TSA and make it onto an airplane in your personal item.

It sounds like the Solar Chargking Kit should be able to charge up JackRabbit’s large RangeBuster batteries, though likely in more than three hours.

The $349 Solar Charging Kit is a bit pricier than building something similar yourself, but it’s also safer and more convenient than hacking together your own battery charger since it’s designed to work with JackRabbit’s batteries right out of the box.

Technically it’s only inteded for JackRabbit’s micro e-bikes (themselves technically seated scooters, even if they look and feel more like a typical bike), but it’d probably work for just about any 36V e-bike that requires 42.0V to charge.

This isn’t the first time we’ve seen solar charging kits for electric bikes, and it’s a trend that is certainly appreciated by outdoors and camping enthusiasts, festival goers, or anyone who finds themself and their bike spending extended periods in the great, sunny outdoors.

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Polestar hopes to steal Tesla sales, CATL revenue dips, and feeding the orcas

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Polestar hopes to steal Tesla sales, CATL revenue dips, and feeding the orcas

On today’s episode of Quick Charge, Polestar hopes to steal customers from Tesla now that Elon is involved in politics, CATL revenue dips for the first time ever, and a whole new way to feed the orcas drops down under.

As above, Polestar is hoping Elon’s descent into politics spells opportunity for the struggling Swedish/Chinese performance brand, CATL has big news in Europe, and Scooter Doll shows off a new electric submarine that’s so expensive, they won’t even tell us the price.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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