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The New York Stock Exchange welcomes executives and guests of Ormat Technologies, Inc. (NYSE: ORA), on Sept. 6, 2023, to celebrate entering its 20th year of trading on the NYSE.

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

Bracing for Fed meeting
U.S. stocks were little changed Monday as traders await the Federal Reserve’s September meeting. Asia-Pacific markets retreated Tuesday. Australia’s S&P/ASX 200 slipped around 0.4% as minutes from the RBA’s last meeting revealed the central bank thinks inflation is still “too high.” Meanwhile, Japan’s Nikkei 225 slumped 1.1%, leading losses in the region.

Rare returns
Early-stage investing in China hasn’t been lucrative. Only four U.S. dollar-denominated venture capital funds established between 2015 and 2020 have returned investors the money they put in, according to data from Preqin, a research firm. The four firms are: Fengshion Capital Investment Fund, LYFE Capital USD Fund II and GGV Capital V.

Top of the shelf
Instacart priced its initial public offering at $30 a share, the top end of its expected range. That gives the grocery delivery company a valuation of about $10 billion, a figure around 3.5 times its annual revenue. By comparison, DoorDash, a competitor, trades at 4.25 times. Instacart’s the first venture-backed tech startup to list since December 2021, and will signal the health of the IPO market.

Monthly payment for X
X, previously known as Twitter, will charge users “a small monthly payment” to combat “vast armies of bots,” Elon Musk said. Musk also divulged that X has 550 million “monthly users” who generate 100 million to 200 million posts per day. Separately, Turkish President Recep Erdogan invited Musk to build his next Tesla factory in Turkey, reported the country’s state media.

Extra pricey olive oil
Olive oil prices have surged to $8,900 a ton this month amid severe droughts in the Mediterranean. That’s over 100% higher than the year before — and far higher than the record of $6,242 set in 1996, according to the U.S. Department of Agriculture. And with extreme weather not abating and supplies depleting, prices might continue climbing.

 [PRO] Oiling up real estate
Oil prices are currently more than $90 per barrel, and could rise further on the supply cuts by Saudi Arabia and Russia. It’s natural to expect energy and oil firms to reap the rewards from this. But, rather surprisingly, two global real estate stocks could also benefit from higher oil prices, said Morgan Stanley.

The bottom line

Stocks barely budged yesterday. All major indexes ticked up, but the gains were so tiny — measured in the hundredths of a percentage point — that it’s better to think of them as unchanged. Trading volume was muted, too. Both the SPDR S&P 500 and the Invesco QQQ, which tracks the Nasdaq 100, traded around 25% fewer shares than their 30-day average.

It’s not that investors aren’t sure about what the Fed might do at its meeting Wednesday. They’re all but certain the central bank will keep interest rates the same for now, according to the CME FedWatch Tool. It’s the November meeting investors are fretting over. Currently, markets think there’s a 28.7% chance of a hike — but that percentage has reached as high as 50.89% in late August (and was 31.3% just five hours ago!). Those wild swings reflect the uncertainty over the November meeting.

Still, Goldman Sachs thinks “the FOMC can forgo a final hike this year, as we think it ultimately will,” as the bank’s chief economist Jan Hatzius wrote in a Sunday note. But with the U.S. economy running hot, the labor market remaining tight — and roiled by strikes — and oil prices surging again, it’s no surprise the broader market doesn’t really know what inflation — and hence interest rates — will look like for the rest of the year.

Hence, the Fed’s dot plot, which charts where the central bankers think interest rates will be in the short- and long-term, will be closely scrutinized by investors. But Hatzius thinks even if members pencil in one more hike for the year, the Fed won’t actually pull the trigger. It’s “only to preserve flexibility for now,” he wrote.

Perhaps we should give the Fed some benefit of the doubt. Ed Yardeni, president of Yardeni Research, is certainly doing so. “Generally speaking, Fed watchers like to criticize the Fed and suggest that they’re always wrong about their forecast and what they are doing,” Yardeni said on CNBC’s “Squawk Box.” 

“But I think they’re actually getting it right this time,” Yardeni said. “And I think we may very well have immaculate disinflation, where inflation comes down without an economy-wide recession.” This might be a brazenly optimistic prediction. But it’s an undeniably cheery thought — one of the few certainties to be had today.

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GM takes over as the ‘#1 EV seller’ in Canada

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GM takes over as the '#1 EV seller' in Canada

After its electric vehicle sales more than doubled in the first quarter, GM claims it’s now the “#1 EV seller” in Canada. With a full lineup of 13 all-electric vehicles, GM sold more EVs than Tesla in Canada.

GM tops Tesla to become the #1 EV seller in Canada in Q1

GM’s electric vehicle sales in Canada surged by 252% in the first three months of 2025, with new Chevy and Cadillac models driving growth.

The Chevy Equinox EV led the way with 1,892 units sold, followed by the Silverado EV with 894 units. Cadillac’s new entry-level OPTIQ had a strong showing, with 615 models sold, nearly matching the 720 units sold of its first EV, the LYRIQ.

Even the GMC Hummer EV Pickup and SUV saw more demand, with sales up 232% (186) and 88% (252), respectively.

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Combined, the automaker sold a total of 5,750 EVs in Q1. According to GM, this was enough to top Tesla to become “the #1 EV seller in Canada.”

GM Canada recently posted on social media, saying, “We claimed the top spot as Canada’s #1 EV seller!” The news comes as registration data show that Tesla registered just 524 vehicles in Quebec in Q1, down 87% from the same period last year.

The steep decline in sales comes after the Quebec government paused federal EV incentives from February to April 1st. Canada also paused its iZEV rebate program in January, which offered up to $5,000 on the purchase or lease of an EV. Like the US federal EV Tax credit, it was designed to be used at the point of sale to help lower prices.

GM-#1-EV-seller-Canada
Chevy Equinox EV LT (Source: GM)

GM also registered significantly fewer Equinox and Blazer EVs in Quebec during the quarter. Despite higher year-over-year (YOY) sales, GM’s electric vehicle (EV) sales were down considerably from the over 15,000 in Q4 2024.

GM-#1-EV-seller-Canada
Cadillac OPTIQ EV (Source: GM)

The American automaker will continue to expand its lineup with the launch of the new Cadillac Escalade IQL, Lyriq-V, and Visiq.

By the end of the year, we also expect to get our first look at the next-gen Chevy Bolt EV with deliveries starting in 2026.

Electrek’s Take

GM is building momentum with new models rolling out, which now cover nearly every segment. In the US, GM surpassed Ford and Hyundai Motor, including Kia, to become the second-largest seller of EVs last year.

Chevy is now the fastest-growing EV brand in the US. The new electric Equinox, or “America’s most affordable 315+ miles range EV,” as GM calls it, is quickly becoming a top seller. The Blazer and Silverado EVs are also gaining traction.

Cadillac reported its best first quarter since 2008, with retail sales increasing by 21%. After delivering the first models in Q1, the entry-level OPTIQ is off to an impressive start with 1,716 units sold.

GM will top off its US electric vehicle lineup with the next-gen 2026 Chevy Bolt EV due out later this year or in early 2026.

Source: GM Authority, GM Canada

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ComEd extends electrification plan in Illinois, committing a fresh $168M toward EV charger and purchase incentives

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ComEd extends electrification plan in Illinois, committing a fresh 8M toward EV charger and purchase incentives

ComEd confirmed that the Illinois Commerce Commission (ICC) has approved its second Beneficial Electrification Plan. This plan builds upon an existing investment and will commit an additional $168 million over three years to support its Illinois ComEd customers who purchase or lease an EV or install a charger.

Commonwealth Edison, known more commonly as “ComEd,” is a 118-year-old company that currently operates as a subsidiary of Exelon. ComEd is hands-down the largest energy provider in Illinois and has made considerable contributions to EV adoption in the Land of Lincoln.

In 2023, ComEd proposed its first Beneficial Electrification (BE) Plan, which was approved under the guidance of the Climate and Equitable Jobs Act (CEJA) signed by Illinois Governor J.B. Pritzker in 2021. ComEd’s first BE Plan comprised a $231 million investment between 2023 and 2025.

Since February 2024, the energy company has used those funds to help Illinois residents purchase and install nearly 5,000 public and private EV charging ports (Level 2 and DCFC) and incentivize the purchases or leases of almost 1,000 new and pre-owned electric fleet vehicles. During this period, Illinois said it saw EV registrations grow nearly four times faster than the US as a whole.

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ComEd has committed another $168 million with BE Plan 2 to keep the momentum in Illinois EV adoption going, offering incentives through 2028.

ComEd Illinois EV
Source: ComEd/YouTube

ComEd commits to EV incentives in Illinois through 2028

According to a release from ComEd, the Illinois Commerce Commission (ICC) has approved its second BE Plan, enabling the energy company to invest approximately $168 million more in EV incentives in Illinois from 2026 to 2028.

As mentioned above, BE Plan 2 builds upon ComEd’s original $268 million investment, which expires at the end of the year. It will help residential and commercial customers transition to EVs. Per ComEd president and CEO, Gil C. Quiniones:

The shift to EVs is a major milestone on the road to Illinois’ clean energy future, and it is part of a broader effort to electrify more of our region’s energy system. Through the expansion of our Beneficial Electrification programs, ComEd is helping to reduce carbon emissions, improve air quality, and enable all communities to enjoy the benefits and opportunities that flow from the global energy transformation.

Per ComEd, here’s how the $168 million in fresh funding will be broken down across EV incentive programs for Illinois customers:

  • $11 million toward the Residential EV Charger and Installation Program: Offers rebates of up to $2,500 per household to support the purchase and installation of residential Level 2 electric vehicle chargers.   
  • $82 million toward the Business and Public Sector EV Purchase Program:  Offers rebates for the purchase or lease of new or pre-owned fleet EVs of all weight classes.  
  • $44 million toward the Business and Public Sector Make-Ready Program: Rebates for costs associated with making sites ready for public or private Level 2 of DC Fast Charging equipment. 
  • $11 million toward a Customer Education and Awareness Program: Fund multiple efforts to empower customers to make informed decisions about vehicle electrification and charging infrastructure deployment. Includes free access to ComEd support tools including Fleet Electrification Assessments, EV Toolkits, and training programs for municipalities interested in achieving “EV Ready” status, plus free Fleet Electrification Assessments.
  • $11 million toward ComEd’s Research and Development Program: Will evaluate and demonstrate the impact of new transportation and electrification technologies.  
  • $9 million toward a Portfolio Program: Funds a variety of initiatives spanning across multiple programs, to support a successful deployment of BE Plan 2 as a whole. 

ComEd also stated that future EV-centric projects from 2026 onward located in, or primarily serving, low-income or Equity Investment Eligible Communities (EIECs) in Illinois, will be eligible for higher rebate amounts and receive more than 50% of the BE Plan 2 budget. So far in its BE Plan, over 70% of its awarded rebates have gone to low-income customers, businesses, and public sector organizations in low-income and EIECs.

As an Illinois native, this investment news makes me happy and proud. You can learn more about ComEd’s EV program here, or see if you qualify for any EV tax incentives at the state level (in any state) by checking out this detailed breakdown.

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This new Vermont plant turns Ben & Jerry’s waste into clean energy

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This new Vermont plant turns Ben & Jerry's waste into clean energy

Ben & Jerry’s organic waste is now creating clean energy for the Vermont grid, thanks to a new PurposeEnergy plant in St. Albans.

PurposeEnergy, which specializes in converting organic food waste into energy, has officially opened a high-tech anaerobic digestion facility that began exporting power to the Vermont grid in December 2024. The project broke ground in May 2023 and marks PurposeEnergy’s first big move since being acquired by Quinbrook Infrastructure Partners in April 2023. Quinbrook fully funded the St. Albans facility.

A key player in this project is Ben & Jerry’s. The Vermont ice cream giant signed a long-term feedstock deal with PurposeEnergy in 2021. Now, all of Ben & Jerry’s high-strength organic waste and out-of-spec food products are sent straight from its factory to the new facility through a dedicated pipeline. The waste is then transformed into clean electricity and clean water.

Other regional food producers are also contributing their waste to PurposeEnergy’s new site. Casella, Wind River Environmental, Evergreen Services, and Carmichael Trucking haul additional feedstocks to help centralize food waste disposal across the region.

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“This project strengthens Ben & Jerry’s commitment to environmental sustainability by providing a long-term solution for organic waste,” said Jenna Evans, the company’s global sustainability manager. “It will reduce Vermont’s road traffic, lower greenhouse gas emissions, and decrease phosphorus pollution.”

The plant sits on land purchased from the Franklin County Industrial Development Corporation and is expected to produce 8.75 million kWh of renewable electricity annually. That clean power is sent to the Vermont grid through the state’s Standard Offer program, which supports the deployment of small-scale renewable energy projects.

The plant also recovers up to 45,000 million Btu of renewable thermal energy annually, which helps heat the digester and run operations.

“It’s a model of industrial symbiosis – turning food production waste into clean energy, reducing emissions, and supporting local economies,” said Erik Lallum, PurposeEnergy’s chief development officer.

PurposeEnergy says the new facility could help attract more food manufacturing businesses to the St. Albans Industrial Park by offering a sustainable, onsite waste management solution that doubles as a clean energy source.

Read more: Vermont sees an explosive 41% rise in EV adoption in just a year


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