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People walk by the New York Stock Exchange (NYSE) on November 02, 2023 in New York City. 

Spencer Platt | Getty Images News | Getty Images

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

A fierce winning streak
U.S. stocks rose Tuesday to hit fresh winning streaks, their longest in three years. But Asia-Pacific markets were mixed Wednesday. Japan’s Nikkei 225 ticked down 0.1% despite rising confidence among large Japanese manufacturers, according to a Reuters Tankan survey. Meanwhile, Australia’s S&P/ASX 200 climbed 0.2% a day after the country’s central bank raised rates by 25 basis points.

Microsoft closes at a high
Microsoft shares climbed 1.12% to hit $360.53, a record high. It’s the eighth consecutive day in which the technology giant’s shares rose, a streak unseen since January 2021. Investors cheered Microsoft CEO Satya Nadella’s surprise appearance at OpenAI’s event, where he encouraged developers to build with Microsoft’s Azure cloud infrastructure.

‘Absolutely booming’ Chinese sector
China’s economy hasn’t recovered from its pandemic blues. But in the sectors of “electric vehicles and everything around sustainability and renewable power technology,” China is “absolutely booming,” Standard Chartered CEO Bill Winters told CNBC. Relatedly, China’s truck industry is increasingly using vehicles with assisted-driving technology, a critical step toward monetizing the nascent business.

Peak, not pause?
The U.S. Federal Reserve, European Central Bank and the Bank of England all paused interest rate hikes in recent weeks. This breather comes after dramatic hikes over the last 18 months as central banks grappled with unruly inflation. Some market watchers, in fact, think this lull in hikes isn’t so much a pause but the peak in rates — and are turning their attention to when central banks will start cutting.

[PRO] Buy BYD
Over the past 18 months, Warren Buffett’s Berkshire Hathaway has sold more than half its stake in Chinese electric vehicle maker BYD, according to stock filings. Despite that, analysts still think BYD’s a stock worth buying — and some even raised their price targets for the firm.

The bottom line

Last month’s sudden surge in Treasury yields and oil prices — both of which tend to suppress investors’ appetite for stocks — looks to be ending. No, scratch that — the increases aren’t just ending, they’re ebbing.  

Look at oil: Contracts for both West Texas Intermediate and Brent futures fell around $3. WTI’s now at $77.01 a barrel while Brent’s $81.44, their lowest since July. That’s almost $10 per barrel less compared with a month ago, when prices jumped on fears triggered by the Israel-Hamas conflict.

Meanwhile, the 10-year Treasury yield fell around 10 basis points to 4.569% and the 2-year yield slipped 3 basis points to 4.915%. As Treasury yields serve as the benchmark for interest rates on loans and cash investments, sinking yields generally benefit rate-sensitive companies more. In other words: the Magnificent Seven Big Tech. Amazon led the pack, shooting up 2.13% yesterday.

That explains why the Nasdaq Composite jumped 0.9%, more than the S&P 500’s 0.28% gain and the Dow Jones Industrial Average’s 0.17% increase. Still, that’s not downplaying the movements. The S&P and Dow are enjoying their seventh consecutive session of gains, while the Nasdaq’s basking in its eighth.

If the U.S. Federal Reserve does indeed steer the economy to a soft landing, in which inflation is contained below 2% without the economy contracting, then there could be a further rally in stocks, said HSBC. Within periods of soft landings, the S&P has jumped, on average, 22% in the space between a pause and six months after rate cuts begin, noted HSBC’s global equity strategist Alastair Pinder.

And that immaculate disinflation isn’t just a dream. Chicago Federal Reserve President Austan Goolsbee told CNBC, “Because of some of the strangeness of this moment, there is the possibility of the golden path … that we got inflation down without a recession.”

Both the economy and markets have truly acted in strange, unprecedented ways ever since the pandemic. From one of the worst years for stocks and bonds in 2022, to a widely heralded bull rally in the S&P — and then a correction — in 2023. And I haven’t even started on the U.S. labor market and inflation numbers. Strange may be new and unsettling, but it isn’t necessarily bad.

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

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

Swift Current Energy’s 800-megawatt (MW) Double Black Diamond Solar is up and running about 30 miles west of Springfield. It’s now the largest operating solar farm east of the Mississippi, and it’s set to make a serious dent in emissions while delivering clean energy to major customers, including the City of Chicago.

Chicago is sourcing around 70% of the power for its municipal operations from Double Black Diamond. That includes big energy users like O’Hare and Midway airports. Other customers buying power from the solar farm include CVS Health, Loyola University Chicago, PPG, State Farm, TransUnion, and Cook County, all through the energy company Constellation NewEnergy.

This project has been a long time coming – Swift Current started development in 2018 and leaned into a growing US supply chain. The company sourced most of its 1.6 million solar panels from First Solar’s Ohio factories, and the racking came from Nextracker, which used US-made steel and did some of the manufacturing in Chicago. Construction created around 500 jobs.

Double Black Diamond also met Illinois’ Clean and Equitable Jobs Act (CEJA) standards for labor and hiring, creating job opportunities for a broader group of workers. Over its lifetime, the solar farm is expected to generate $100 million in local tax revenue for Sangamon and Morgan counties. About 60% of that will go toward public schools, with the rest helping fund public safety, infrastructure, and community programs. Swift Current is also putting $10 million into community benefit programs, including school districts and local governments.

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Chicago Mayor Brandon Johnson called the project “a powerful example of why we believe in the green economy.” He said the solar farm helps Chicago cut emissions, supports good union jobs, and lowers energy costs for city operations.

Read more: Home solar prices just hit record lows – and storage is even cheaper


To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to 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. They have 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 you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Range Energy announces two partners to electrify refrigerated trailers

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Range Energy announces two partners to electrify refrigerated trailers

Range Energy, a company which builds large-battery electric trailers to help fleets electrify at the drop of a hat, has announced partnerships with Thermo King and ESL Power Systems to bring its technology to refrigerated trailer units.

The idea behind Range’s product is that it adds a battery and an electric motor e-axle to a semi truck trailer, instead of to the tractor itself, which means that a fleet can add electric capabilities without having to buy new tractors. This means the fleet can effectively hybridize its operation without having to buy new tractors.

While this isn’t a fully electric solution, it can still reduce fuel usage by a large amount (independent tests say 36%), and adds new capabilities to a truck – like better control over the trailer and regenerative braking to avoid brake fade.

We met Range at ACT Expo in Anaheim two years ago, where they gave us one of the coolest demos we’ve seen. Just by attaching to a tractor’s kingpin, the system can decide how much power to apply and offers extremely natural feeling movement, making a heavy trailer feel light as a feather:

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Range isn’t quite up to production yet, but they have done some trials. In addition to the independent testing above, Range trialed its technology with Petaluma Egg Farm, up in Northern California, where it says the company saw a 50-70% improvement in MPG for the trucks using Range’s electric trailer.

But the company is still working to find novel applications for its technology, and when we caught up with them at ACT Expo this week, they wanted to focus on how Range trailers could be used for refrigerated freight in order to cut emissions and reduce the need for a separate engine to run the reefer unit.

In service of this, it has partnered with two companies in the refrigeration space – Thermo King, the biggest name in electrified trucks, and ESL Power Systems, a company that manufactures shore power solutions for heavy industry.

Range said Thermo King came to them because they’re the only company with enough energy storage to be able to run a refrigerated unit for an extended period of time. While there are other companies doing electrified refrigerated trailers, Range’s trailer has a much larger 288kWh battery (since it also works as a traction battery for the trailer’s electric motor).

This means it has a lot more energy on board to run a refrigeration unit, which can draw ~5-20kW depending on several factors. Range told us that fleets have told them this would be enough energy to keep the trailer box cold for a full day while unplugged from shore power, even in hot temperatures.

And that’s a big deal, because heretofore, refrigerated units have mostly run with an additional small diesel engine. Removing that engine means less pollution, less diesel usage, more noise, less maintenance, and it also means the refrigerated unit could operate in more environments (for example, you don’t want a running engine indoors if you can avoid it – but an electric unit doesn’t have to deal with that).

Speaking of shore power, that’s what Range is working with ESL to implement. ESL creates small, modular shore power systems which are easier to install, helping fleets save on infrastructure upgrade costs. Their boxes can deliver high-powered 480V 3-phase AC charging.

Plugging into one of these would allow the Range Energy trailer to charge at up to 50kW or so, meaning a 5-6 hour charge time for the 288kWh battery.

Range has already trialed its partnership with Thermo King, in the Petaluma Egg Farm example given above. Although the ESL partnership is newer, and those will be trialed soon.

Range is targeting the end of this year, or possibly the start of next year, for its first customer deliveries.


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Podcast: Elon is still CEO of Tesla, BYD EV sales surges while Tesla’s collapse, and more

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Podcast: Elon is still CEO of Tesla, BYD EV sales surges while Tesla's collapse, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Elon being challenged in his role as CEO of Tesla, BYD EV sales surging while Tesla’s collapse, and more.

Today’s episode is brought to you by retrospec—makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure. Electrek listeners can get 10% off their next ride until May 8th with the exclusive code ELECTREK10 only at retrospec.com.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

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After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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