Investors can breathe a sigh of relief now that September — historically the worst month of the year for stocks — is in the rear-view mirror. This past September certainly lived up to its reputation, with the S & P 500 and the Nadsaq suffering its biggest monthly loss in 2023. However, changing the calendar may not be enough to erase three material hurdles standing in the way of stocks returning to their winning ways. We’re talking about this year’s rise in bond yields, oil prices and the dollar — all at the time same. The 10-year Treasury yield on Monday hit its highest level since October 2007, breaking slightly above 4.7%, in a continuation of its march higher since April. In the third quarter alone, the 10-year yield climbed from roughly 3.8% to Friday’s settle of nearly 4.58%. In the three months that ended Friday, both the U.S. oil benchmark and the international crude standard posted their largest quarterly price increases since the first quarter of 2022, when Russia’s invasion of Ukraine roiled energy markets and sent the commodity soaring. The U.S. dollar index — which measures the greenback against six other currencies including the euro and Japanese yen – is riding an 11-week win streak, en route Monday to fresh highs for the year. To be sure, other factors such as a potential U.S. government shutdown — which has been temporarily avoided — and the multiweek United Auto Workers strike against General Motors (GM), Jeep parent Stellantis (STLA) and Club holding Ford Motor (F) have also injected uncertainty into the marketplace. Nevertheless, bond yields, oil prices and the dollar always have far-reaching implications for the stock market. Here’s a closer look at how they’re currently impacting things. US10Y YTD mountain 10-yield Treasury yield YTD It all starts with the bond market. “The higher yields, that’s what’s been pressuring the equity market,” Wharton School professor Jeremy Siegel said Monday on CNBC. Indeed, U.S. government bond prices sold off in September. The resulting jump in yields — which move inversely to bond prices — accelerated after the Federal Reserve on Sept. 20 indicated interest rates may stay “higher for longer,” as the central bank seeks to bring inflation down further, and the market finally listened. Of course, there are those of us who are worried that the full impact of the 11 rate hikes already made by the Fed since March 2022 has not fully been realized in the economy. Therefore, we think a higher for longer policy may be misguided. In September, the S & P 500 dropped 4.9% while the tech-heavy Nasdaq slumped 5.8%. The Dow Jones Industrial Average proved to be the relative outperformer, falling only 3.5% in the month. Still, the Dow’s decline was its worst monthly decline since February. Bonds impact stocks in multiple ways, including competing over investment dollars. Higher yields on U.S. government notes — which are the closest possible thing to a risk-free investment — can make bonds more attractive to own compared to stocks. That results in fewer incremental dollars going into riskier equities. Essentially, the risk-reward bar for stocks is raised when bonds offer more competitive returns than they did before. This plays out most notably in the Utilities sector , which has by far been the worst-performing sector in the S & P 500 this year, down more than 20%. The group traditionally is slower growing but offers large dividend payments, kind of like bonds. Bonds figure heavily into the way investors think about valuing stocks, especially for growth-oriented companies whose profits are largely expected to be generated years down the road. In a higher yield environment, those projected future earnings are worth less to investors today. This dynamic manifests in investors reconsidering the “multiple” they’re willing to pay for each dollar of earnings — which in turn can lower the price at which they’re willing to buy shares of a given company. Unprofitable companies tend to get hit harder when interest rates rise, which is why when the Fed started hiking last year we made a rule for the Club to only buy stocks of profitable, cash-flow generative companies. In general, companies generating substantial profits are typically less sensitive to the change in yields. @CL.1 @LCO.1 YTD mountain WTI vs. Brent crude YTD In the third quarter, West Texas Intermediate crude, the U.S. oil standard, rose more than 28% to nearly $91 per barrel. The global benchmark, Brent crude, jumped more than 27% to just over $92 per barrel. Both oil gauges are riding four-month win streaks after WTI traded in just the upper $60s in mid-June and Brent traded in the low $70s around the same time. The increase in oil prices over the summer months into the fall largely reflects a mismatch between demand (as economic data has proven more resilient than expected) and available supply (as major oil exporters Saudi Arabia and Russia took voluntary steps to reduce production). In early September, the two countries announced their supply cuts would extend through year-end, a surprise decision that added upward pressure on oil prices. For oil-and-gas companies, such as Club names Pioneer Natural Resources (PXD) and Coterra Energy (CTRA), higher prices are a boon to their financials. It’s no surprise energy was the only positive sector of the 11 in the S & P 500 in September. The picture is less clear-cut when considering the impact higher oil prices can have on consumers and non-energy companies. Consumers needing to pay more at the gas pump, in theory, cuts into the money they have available to spend on discretionary goods — an important dynamic to watch given consumer spending makes up about two-thirds of U.S. economic activity. Discretionary spending is on stuff consumers want, not the staples they have to have to conduct their daily lives. For much of the first part of the year, lower energy prices contributed to the decline in inflation. Now, crude has gone from tailwind to headwind in the battle to bring down inflation. To bond traders who have been driving yields higher, stickier inflation means possibly a heavier-handed Fed — the higher-rates-for-longer scenario. Inflation reduces the attractiveness of owning bonds, motivating investors to sell and in the process pushing up yields. “Don’t forget: Bondholders look at overall inflation. They don’t just look at core inflation,” Siegel said. “Core inflation might be doing good. Overall inflation is going to be affected by those oil prices.” Non-energy companies feel pain from more expensive oil, increasing transportation and freight costs that could cut into profit margins. Of course, firms could mitigate higher fuel costs by raising prices on the finished products — protecting their bottom lines in the near term but adding to the inflationary pressures in the broader economy. Technically, the Fed focuses on core inflation data, which strips out more volatile food and energy prices. However, companies passing through their higher energy costs would eventually make their way into inflation data. To be sure, firms “might struggle to pass on rising input costs this time, in contrast to [2021 and 2022],” JPMorgan global equity strategists wrote in a note to clients Monday. In many cases, crude prices trending higher could be interpreted as a sign of economic health — if there’s a lot of activity out there, that’s going to drive demand for oil, supporting prices. In those situations, equity investors might be more encouraged by the strong economic data and what that means for revenue and profit growth, rather than their concern about the inflationary impacts. It’s a bit more nuanced this time around, with the rise in oil prices primarily tied to a “supply shock, Wharton’s Siegel said, versus a significant increase in demand. @DX.1 YTD mountain U.S. dollar index YTD The U.S. dollar is once again something for stock market investors to worry about — territory it occupied for a good chunk of last year, as it soared to its highest levels in two decades. Higher rates often lead to a stronger dollar. In that way, the Fed’s higher-for-longer approach served not only to pump bond yields but the dollar, too. After a downward trend that began last fall , the U.S. dollar index reached its lowest level of 2023 on July 13, at 99.77 – representing a 12.6% decline from its September 2022 high of 114.11, according to FactSet. However, the U.S. dollar index has returned to rally mode, up about 7% to 106.89 on Monday since its July nadir. “Historically, strengthening [in the dollar] was almost always met with risk-off in equities,” JPMorgan wrote in its Monday to clients. A strengthening U.S. dollar is particularly problematic for U.S.-based companies that generate a significant portion of their sales overseas, such as Club holding Procter & Gamble (PG) and tech stalwarts like Meta Platforms (META) and Apple (AAPL). Converting profits generated overseas in weaker currencies into stronger dollars can weigh on reported revenue sales and bottom-line earnings. At the Club, we tend to look through currency fluctuations and focus more on each company’s underlying fundamentals. Our longer-term focus enables this approach, but we recognize that other, influential traders and investors take a different view, which can impact the overall market. (Jim Cramer’s Charitable Trust is long META, AAPL, PG, PXD and CTRA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
People walk along Wall Street outside of the New York Stock Exchange (NYSE) on May 03, 2023.
Spencer Platt | Getty Images
Investors can breathe a sigh of relief now that September — historically the worst month of the year for stocks — is in the rear-view mirror. This past September certainly lived up to its reputation, with the S&P 500 and the Nadsaq suffering its biggest monthly loss in 2023. However, changing the calendar may not be enough to erase three material hurdles standing in the way of stocks returning to their winning ways.
A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, January 30, 2020.
Steve Marcus | Reuters
The Defense Department will become the largest shareholder in rare earth miner MP Materials after agreeing to buy $400 million of its preferred stock, the company said Thursday.
MP Materials owns the only operational rare earth mine in the U.S. at Mountain Pass, California. The company said it will use the proceeds of the Pentagon’s investment to expand its rare earths processing capabilities and its magnet production capacity.
Shares of MP Materials jumped more than 40% premarket on the news.
The Pentagon is buying a newly created class of preferred shares that are convertible into MP Materials’ common stock. It is also buying a warrant that allows it to purchase additional common stock in the rare earth miner. The convertible shares and the warrant for common stock would represent about a 15% stake in MP Materials as of July 9.
Interior Secretary Doug Burgum said in April that the Trump administration was considering making direct equity investments in critical mineral companies to break U.S. dependence on China.
This is a developing story. Please check back for updates.
Porsche is rolling out three new Taycan Black Edition models. The 2026 Porsche Taycan Black Edition brings more than just a sporty new look. All three are equipped with Porsche’s Performance Battery Plus, delivering more power and a longer driving range.
Meet the 2026 Porsche Taycan Black Edition
With the new electric Macan stealing the show, Porsche is introducing new Taycan variants for the 2026 model year.
Porsche has already introduced significant upgrades for the 2025 model year, adding more driving range, faster charging, higher performance, and a sleek new design.
The new Black Edition variants will be available for the 2026 Porsche Taycan, Taycan 4, and Taycan 4S models.
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Featuring its SportDesign package, the new models include high-gloss black exterior accents on the window trims and mirrors.
Other standard design elements include a rear light strip with an illuminated, blacked-out Porsche logo. Inside, the new variants include Porsche’s black interior accent package, storage package, and black brushed illuminated door sill guards.
2026 Porsche Taycan Black Edition (Source: Porsche)
All three Black Edition models are equipped with the larger Performance Battery Plus, which is typically offered as an option.
With a gross energy capacity of 105 kWh, Porsche says the new variants offer a longer driving range and more power. The 2025 Taycan, with the Performance Battery Plus pack, offers an EPA-estimated range of 318 miles.
On the European WLTP scale, the 2025 Porsche Taycan with the Performance Plus battery is rated with up to 679 km (421 miles) range.
2026 Porsche Taycan Black Edition (Source: Porsche)
The new Black Edition models are loaded with added features. Highlights include Lane Change Assist, Surround View, including Active Parking Assist, 21″ wheels with center caps featuring the full-color Porsche crest, and HD-Matrix Design LED headlights. There are even puddle light projectors that show the Porsche logo when the doors open.
2026 Porsche Taycan Black Edition interior (Source: Porsche)
On the inside, the premium features continue. The Black Edition interior features 14-way comfort seats with a memory function, a Porsche crest on the headrests, and a BOSE Surround Sound System, including Dolby Atmos, to create an immersive sound experience.
You’ll also get Porsche Electric Sport Sound, a Storage package, and the Porsche crest stitched into the leather trim. To top it off, there’s an added “Black Edition” badge in the center console, exclusive to the new variants.
Although it’s called the Black Edition, you can choose from several different colors, such as Jet Black Metallic, Volcano Grey Metallic, Dolomite Silver Metallic, and Ice Grey Metallic, at no extra cost.
Porsche will reveal prices for the 2026 Taycan Black Edition models “in due course.” Deliveries in the US are expected to begin in Fall 2025.
What do you think of the new blacked-out Taycan variants? Do you dig it? Drop us a comment below and let us know your thoughts.
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Aventon is giving its popular fat tire e-bike a serious upgrade. The company just unveiled the Aventure M, a new mid-drive version of its best-selling Aventure model. With more torque, smarter shifting, and a boost in connectivity and control, Aventon says this is the “most advanced” bike it has ever produced.
The new Aventure M swaps out the rear hub motor for a 100 Nm mid-drive motor, offering more efficient power delivery and a more natural ride feel thanks to its double-sided torque sensor. And in case that 100 Nm doesn’t exactly place it for you, just know that we’re talking about more power (or more accurately, torque) than nearly any other e-bike in this class.
The Aventon A100 motor, which is rated at 750W and runs on a 36V system, takes full advantage of its Class 3 category with pedal assist speeds up to 28 mph (45 km/h) and a throttle top speed of 20 mph (32 km/h). The throttle is sold separately, probably as a nod to being even more compliant with California’s new stricter laws regarding Class 1 and Class 3 e-bikes, which can’t have mounted throttles.
Aventon also gives riders the option to set the bike to Class 1 or 2 limits using the companion app. We’ve always been pretty impressed with Aventon’s app, as it’s quite easy to use and makes it simple to control those types of modifications to the bike.
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That app pairs with Aventon’s newly developed ACU (Aventon Control Unit), a custom IoT system that adds a wide range of smart features. Riders get GPS tracking, theft detection, geofencing, remote locking, and over-the-air (OTA) firmware updates. Aventon even built in a passcode-locked on-switch for added security, as well as a physical rear-wheel lock and alarm.
We’ve previously seen Aventon use that OTA update system to give its e-bike more power via a boost feature, so the company doesn’t appear shy about pushing out new features when they’re ready.
But it’s not just about motor placement and connectivity. The Aventure M introduces electronic shifting, powered by a 10-speed Shimano CUES drivetrain and paddle shifters. Riders can shift manually or let the system take over with Auto Shift, Aventon’s torque and cadence-sensing automatic shifting mode. A new Uphill Start Assist feature gives riders an extra torque boost when starting from a stop on steep grades –perfect for off-road adventures or fully loaded cargo rides.
As for range, Aventon claims up to 85 miles (137 km) from the removable 36V 20Ah (720 Wh) battery, which itself weighs around 8.7 lbs (3.9 kg). That figure is in the lowest power level, and real-world range will depend heavily on terrain and assist level, but riders can likely expect something in the 40–60 mile (65-100 km) ballpark under typical pedaling usage when enjoying moderately higher power levels, and a bit less if leaning hard into that optional throttle.
Rounding out the build are 4-inch wide fat tires, a suspension seatpost, and an 80 mm front suspension fork. The total weight of the bike is around 73 lbs (33 kg), which is actually surprisingly reasonable for a full-featured fat tire e-bike with a mid-drive, believe it or not. Hey, these are heavy bikes when you stuff all that power, range, and tech in there.
The price at launch is US $2,899, which places the Aventure M above the hub motor version of the company’s existing Aventure model but below some other mid-drive fat tire options on the market. Aventon is clearly positioning this as a higher-performance alternative that’s still (hopefully) accessible to the average rider. It’s available now online and through Aventon’s network of over 1,800 partner dealers across the U.S.
Electrek’s Take
It’s about time we saw a major direct-to-consumer brand bring a smart tech, mid-drive fat tire e-bike to market that doesn’t require taking out a second mortgage. The Aventure M feels like a natural progression for Aventon – taking what made the Aventure 2 so popular and layering on meaningful performance and tech upgrades. The mid-drive motor brings real climbing power and smoother pedal assist, and features like auto shifting and built-in GPS tracking give this bike some serious smart credentials.
Of course, at nearly $3,000, this isn’t exactly budget territory anymore. But considering the Aventure M includes high-end components, a full-fat-tire adventure build, and an impressive level of integration, it still looks like a solid value for someone who wants their e-bike to go above and beyond the basic level of componentry and features. If the real-world range holds up and the automatic shifting works smoothly, this could easily become a category leader for anyone wanting an all-terrain e-bike that feels as refined as it is rugged. Aventon of course didn’t reinvent the wheel here — they just made a smarter, better one. I look forward to getting on one soon for a review and letting you know what I think of the ride.
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