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CNBC Daily Open: High rates are still hobbling IPOs

Published

2 years ago

September 20, 2023

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Instacart gift cards are displayed at a Safeway store on August 28, 2023 in San Anselmo, California.

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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

Downbeat markets
U.S. markets dipped and U.S. Treasury yields rose Tuesday as investors braced themselves for the outcome of the Federal Reserve’s meeting. Asia-Pacific markets fell Wednesday. South Korea’s Kospi slipped 0.26% as wholesale prices in August rose 1% year on year, the first time it’s risen since July 2022. Hong Kong’s Hang Seng Index lost 0.73% as China left its loan prime rates unchanged.

Instacart delivered
Instacart shares rose 12.3% on their first day of trading, closing at $33.70. That gives the company a valuation of just over $11 billion. At its open, Instacart popped 40% to hit $42, but pared gains as investors sold off to lock in their initial gains. The stock also slid 2.73% in extended trading. Instacart gained over $420 million in cash in the offering.

No longer poised to be biggest economy?
China’s policies, such as its security clampdown earlier this year, have hurt its economy. Analysts who once predicted China would become the biggest economy globally are perplexed as to why the country’s blunting its own growth. Separately — but relatedly — China didn’t export any germanium and gallium in August after it instituted export curbs on those chipmaking metals.

Dwindling dependence
The oil market has depended on China for 20 years, said Facts Global Energy’s Chairman Fereidun Fesharaki. That reliance will soon come to an end. China’s demand for oil will peak in the next three to five years, predicted Fesharaki. Echoing that, Wood Mackenzie, an energy research group, expects China’s demand for oil to fall after 2027 as the country transitions to carbon neutrality.

[PRO] ‘Cheapest of all’ tech stocks
The Magnificent Seven stocks have driven much of the S&P’s growth this year. But they are notoriously expensive, in terms of their price-to-earnings ratio. Still, there’s one stock among them that’s the “cheapest of all the mega-cap names” — with durable long-term prospects to boot — according to a strategist.

The bottom line

Markets were in a downbeat mood ahead of today’s Federal Reserve policy decision. Major indexes closed Tuesday lower. The S&P 500 lost 0.22%, the Dow Jones Industrial Average slid 0.31% and the Nasdaq Composite fell 0.23%.

Even excitement over Instacart’s debut on the Nasdaq was somewhat muted. Though the stock jumped 12.3% on its first day, its initial rally of 40% quickly fizzled out. And Arm, which fell 4.88% yesterday, is now 13% below its closing price on its first day of trading, when it surged 25%. The specter of high interest rates is still haunting the IPO market, especially for tech companies, whether startups or older companies with an established revenue stream.

The U.S. bond market slipped as well. Yields on the two-year Treasury are now at 5.092%, the highest since 2006, while it’s 4.365% on the 10-year, a level not seen since 2007. (When yields rise, bond prices drop.) Still, that doesn’t mean investors expect the Fed to raise rates today — they’re betting there’s only a 1% chance central bankers will do so, according to the CME FedWatch Tool. Rather, rising yields on rate-sensitive Treasurys are a sign investors think interest rates could go higher at the Fed’s November meeting.

As Dylan Kremer, co-chief investment officer at wealth management firm Certuity, said, “What investors are looking for … is where are longer term expectations: Where is that terminal rate.”

There was a bright spot amid the gloominess yesterday. Oil prices finally took a breather and dipped slightly. West Texas Intermediate prices fell 0.31% and November contracts for Brent slipped 0.1%, breaking a three-day winning streak for both.

And analysts don’t expect spikes in oil prices to affect rate decisions. Simon MacAdam, senior global economist at Capital Economics, doesn’t think oil will cause “a sustained rebound inflation” or “cause central banks in advanced economies to respond with interest rate hikes.”

But hikes aren’t off the table, MacAdam warns. If oil prices continue rising against “a backdrop of resilient activity and rising inflation expectations,” central banks might spring into action. In less than 24 hours, we’ll see if the Fed shares the same sentiment.

Environment

Blink + Hubject unlock easier EV charging across North America

Published

4 hours ago

September 22, 2025

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Blink + Hubject unlock easier EV charging across North America

Blink Charging (Nasdaq: BLNK) has struck a deal with Hubject to make charging easier for EV drivers across North America.

The agreement will bring Blink into Hubject’s intercharge eRoaming platform as a charge point operator. That means electric mobility service providers (eMSPs) and their customers in the US, Canada, and Mexico will soon have access to Blink’s charging stations through their existing apps. In turn, Blink drivers will gain better access to stations connected through Hubject’s network.

Hubject, which already connects more than 1 million charging points and 2,750 partners worldwide, expects the integration to strengthen its North American presence by adding Blink’s wide-ranging network of chargers, from Level 2 workplace stations to DC fast charging. Blink, meanwhile, anticipates more customers will plug in, thanks to Hubject’s reach.

“Our collaboration with Blink marks an important step in expanding our North American intercharge network,” said Trishan Peruma, CEO of Hubject North America. “By integrating Blink’s network into our eRoaming platform, we aim to help reduce barriers that have historically complicated EV charging and to support the continued growth of EV adoption across the United States, Canada, and Mexico.”

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Blink Charging’s president and CEO Mike Battaglia added, “Connecting the Blink Network to Hubject’s platform will allow more drivers to benefit from interoperable charging while traveling.”

The integration will use the industry-standard OCPI protocol to keep billing and communication between networks secure and reliable. Deployment is planned in phases throughout 2025, with full integration targeted for the end of the year.

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The Hyundai IONIQ 5 N gets a new Essentials trim in Korea and a lower price tag

Published

5 hours ago

September 22, 2025

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The Hyundai IONIQ 5 N gets a new Essentials trim in Korea and a lower price tag

Hyundai wants to make the electric sports car for everyone. Not just those who can afford it. The new Hyundai IONIQ 5 N Essentials trim was launched in Korea on Monday, offering a lower price tag but the same thrilling drive.

Hyundai launches new IONIQ 5 N Essentials in Korea

The IONIQ 5 N is Hyundai’s first EV sports car under the IONIQ series. Initially launched in 2023, the IONIQ 5 N marked a new era for Hyundai’s high-performance N division.

Hyundai’s electric hot hatch not only looks the part with added sporty “N” branded elements scattered inside and out, but it’s also packed with fun features, advanced tech, and a host of drive modes.

Based on a dual-motor all-wheel drive (AWD) powertrain, the IONIQ 5 N delivers up to 641 horsepower when N Grin Boost is engaged. Even without it, the electric sports car packs 601 hp.

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It also draws power from an 84 kWh battery, good for an EPA-estimated range of 221 miles. On the WLTP scale, it’s rated with an official range of 278 miles (448 km). The added power results in a lower range than other IONIQ 5 trims.

Although it was already one of the most affordable sports cars, EV or gas-powered, Hyundai is lowering the price even further.

After launching the new Essentials model in South Korea on Monday, Hyundai said the new trim “is characterized by lowering the barrier to entry so that customers can experience the overwhelming driving performance of the IONIQ 5 N at a reasonable price through optimized specifications.”

Hyundai focused on core convenience features while including the same high-performance motors, battery, and N-specific elements as the base model.

A Hyundai official said, “The Essential trim of the IONIQ 5 N is a new trim that offers greater cost-effectiveness to lower the barrier to entry for high-performance electric vehicles.”

The IONIQ 5 N features advanced driver assistance systems (ADAS), including highway driving assist and navigation-based smart cruise control. Hyundai has also added an exclusive new “Parking Assist Lite” package, offering safety and convenience features such as surround view monitoring and rear parking assistance.

The new Hyundai IONIQ 5 N Essentials trim starts at 74.9 million won ($54,000), including tax benefits. Hyundai said it will continue to make competitive products so more buyers can experience high-performance EVs.

Although the Essentials trim is not available in the US, the IONIQ 5 N is still more affordable than most sports cars. The 2025 Hyundai IONIQ 5 N starts at $66,200. But, with the $7,500 tax credit, which is set to expire on September 30, leases are currently listed as low as $549 per month.

Looking to test the IONIQ 5 out for yourself? You can use our link to find the Hyundai IONIQ 5 and high-performance N models near you today (trusted affiliate link).

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Environment

In a blow to Trump, judge clears Ørsted’s Revolution Wind to resume

Published

7 hours ago

September 22, 2025

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In a blow to Trump, judge clears Ørsted’s Revolution Wind to resume

A federal judge has cleared the way for Ørsted’s nearly complete 704-megawatt (MW) Revolution Wind offshore wind farm to restart construction, overturning a stop-work order imposed by the Trump administration.

Reagan-appointed senior US District Judge Royce C. Lamberth granted a preliminary injunction in Washington, DC, calling the government’s conduct “the height of arbitrary and capricious government conduct.” He added, “If Revolution Wind cannot meet benchmark deadlines, the entire project could collapse. There is no doubt in my mind of irreparable harm to the plaintiffs.”

Ørsted welcomed the ruling and said in a statement, “Revolution Wind will continue to seek to work collaboratively with the US Administration and other stakeholders toward a prompt resolution. Revolution Wind will resume impacted construction work as soon as possible, with safety as the top priority.”

The decision marks a significant setback for the Trump administration’s attempts to stall offshore wind development. Revolution Wind is already about 80% complete, with all turbine foundations and 45 of 65 turbines successfully installed, and expected to power 350,000 homes in Rhode Island and Connecticut. Earlier this month, the two states’ attorneys general announced they were suing the Trump administration to overturn its “baseless” decision to halt Revolution Wind. That underlying lawsuit challenging the stop-work order will continue to progress.

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Oceantic Network CEO Liz Burdock said, “Today’s decision allowing work to resume on Revolution Wind is welcome news for the hundreds of skilled workers who can now return to their jobs while the legal process continues. This Made in America energy project is putting Americans to work building reliable, affordable power to communities across New England that desperately need it.”

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