Traders work on the floor of the New York Stock Exchange during morning trading on August 12, 2024 in New York City.
Michael M. Santiago | Getty Images News | Getty Images
This report is from today’s CNBC Daily Open, our 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.
September rate cut Philadelphia Fed President Patrick Harker endorsed an interest rate cut for September during an interview with CNBC at the Fed’s Jackson Hole retreat. His comments follow minutes from the central bank’s last meeting indicating growing confidence in inflation trends and concerns about labor market weakness. “I think it means this September we need to start a process of moving rates down,” Harker said, adding the Fed should ease “methodically and signal well in advance.” Harker is undecided between a 25 or 50 basis point reduction. CNBC’s Jeff Cox has more on what to expect from Powell’s speech.
Peloton soars Peloton posted its first sales increase in nine quarters, driven by cost-cutting measures and a focus on profitability. Sales rose by 0.2% to $643.6 million during its fiscal fourth quarter. The troubled connected fitness company also narrowed its losses to $30.5 million, compared to a loss of $241.8 million a year ago. Peloton has struggled post-pandemic and is currently run by two board members since former CEO Barry McCarthy resigned earlier this year. The company’s shares shot up as much as 40% after the earnings release.
Covid jab approval The Food and Drug Administration has approved updated Covid vaccines from Pfizer and Moderna amid a summer surge of the virus. The vaccine targets the KP.2 strain, a descendant of omicron subvariant JN.1, although it was the dominant strain in May it now accounts for about 3% of cases. However, both drugmakers say the KP.2 jab can produce a stronger response against other variants, such as KP.3 and LB.1.
Driverless rides General Motors‘ Cruise has partnered with Uber to offer driverless rides to Uber users as early as next year. The move comes as Cruise attempts to revive its robotaxi venture aftera serious accident last year and subsequent investigations, which led to the resignation of its CEO and co-founder.Uber abandoned its own self-driving project after a fatal 2018 incident and now collaborates with other developers like Google‘s Waymo.
[PRO] Bullish signals With the S&P 500 within touching distance of its July all-time high, Ned Davis Research chief U.S. strategist Ed Clissold suggest stocks could rally after two signals flashed in the stock market’s favor this week.
The bottom line
Whether traders are working from home or in the office, at 10 a.m. ET everything will come to a halt as Fed Chair Jerome Powell delivers one of the most anticipated economic speeches of the year.
With the “vast majority” of Fed members advocating for a rate cut in September, markets are banking on a 100 basis point reduction for 2024. The expectation suggests at least one 50 basis point cut, given that there are only three rate-setting meetings left this year.
“I don’t think he’s going to pre-commit to a specific easing path,” Brown told CNBC. “Instead, I think he’s going to frame it as they will be data dependent and they will let the data guide them in terms of their decisions.”
“A lot of his speech will focus on the risks of being too aggressive with rate cuts versus being too late to cut rates — and I think his comments will really focus in on trying to find that middle ground, which helps to maintain or safeguard the economic expansion while ensuring inflation remains contained.”
Henry Allen, Deutsche Bank macro strategist, thinks the market’s rate cut forecasts for the next year are overly dovish given the current state of the economy. Markets are “pricing 200 bps of cuts in the next year alone and those are the sort of paces you only normally see during a recession, not in a non-recession.”
Despite this, the Fed has faced criticism for keeping rates high for too long, with some arguing that its heavy reliance on data could negatively impact the economy and stocks.
“A soft landing, the probabilities are going up, and that’s why this should be a benign cutting cycle … good for markets. But I think the key is the Fed getting off data dependence, because data dependence is the reason they missed the inflation turn,” Tom Lee, Fundstrat’s head of research, told CNBC’s “Squawk Box” in an interview Thursday.
— CNBC’s Jeff Cox, Fred Imbert, Gabrielle Fonrouge, Lora Kolodny, Pia Singh, Alex Harring and Spencer Kimball contributed to this report.
Lotus Cars’ compelling, high-performance electric sports sedan and SUV received a number of fresh updates earlier this week, but packs superior infotainment tech, styling tweaks, and (of course) a mind-bending 905 electric horsepower. (!)
The next update on the list is the addition of 22″, 10-spoke ultralight alloy wheels across the entire Eletre lineup. Both the 600 and 600 SE variants retain last year’s 6-piston fixed front and floating rear brake calipers, while the top-tier 900 model gets a high-performance, 10-piston, carbon-ceramic braking system that’s more than capable of hauling the Eletre SUV down from speed, lap after lap.
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They’ll need those brakes, too – because these things are fast, and getting faster with seemingly every new software update. “Things can always go faster,” reads the official Lotus copy. “The new Eletre and Emeya ‘900’ provide unmistakable evidence, representing superlatives in terms of performance. Both rely on a 675 kW (~915 hp) strong dual-motor powertrain.”
Both Lotus 900s can put that power to the ground effectively enough to rocket from 0-62 mph (100 km) in a well under 3.0 seconds on their way to an electronically-limited top speed of 155 mph (256 km/h) in the Eletre, and 160 mph (265 km/h) in the Emeya. The 600s aren’t exactly slow, either, packing 405 kW electric motors (~600 hp) good for 0-60 times in the mid 4s.
Inside, the Eletre and Emeya designs carries over without major changes. Lotus enhanced the features list on various trims. The 600 models now include 12-way power-adjustable front seats with heating and ventilation, as well as 15-speaker audio systems from KEF. The 600 SE further adds a PDLC smart panoramic sunroof, 20-way power-adjustable front seats, front seat massage function, and active rear-wheel steering.
CarNewsChina reports that the updated 900 model builds upon the 600 SE’s new offerings with an intelligent, active anti-roll control suspension system.
Pricing for the 2026 Lotus EVs starts at 538,000 yuan (74,800 USD) in China, and climbs to over 838,000 yuan (116,500 USD) for the top-shelf Lotus Eletre 900 SUV. All models carry the same two-speed transmission and 112 kWh battery (102 kWh in the UK), good for up to 610 km (~375 miles) of driving between charges.
It wasn’t that long ago that a 900+ hp car was a cammy, rough-riding mess of a machine that you could barely take through a drive thru, but could probably land on the cover of a car magazine. Today, that same 900 hp in a quiet, smooth, reliable EV hardly generates a headline. And, almost in defiance of the “everything just keeps getting more expensive” truism, these mind-bending supercars can be had for less than what cars like this used to cost with gas engines and a third of the power.
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The welding equipment experts at Lincoln Electric know a thing or two about high-voltage equipment. Now, they’re bringing that electrical expertise to a whole new market with a portable, self-contained, 50 kW DC fast charger designed to deliver a quick shot of range and get stranded drivers back on the road.
Lincoln Electric’s Velion 50 kW DC fast charger is pitched as a durable, compact mobile charging unit that’s perfect for tow truck operators and construction fleets dealing with vehicles and fleet assets that couldn’t quite make their way back to a charger. So, you’re looking at this and thinking of one of those red, 5-gallon gas tanks that helps get drivers off the highway and to the next exit, congratulations: you get it!
“[Velion is] Designed for flexible, mobile use,” said Bruce Chantry, Vice President, Electric Vehicle Solutions at Lincoln Electric, during a buzzword-packed introduction of the new machine. “Designed in collaboration with the market and leveraging decades of expertise in power electronics, our solution is engineered to provide the flexibility customers need today, with a future-ready design to meet the demands of tomorrow.”
Designed, engineered, and assembled in the United States with over 70% domestic content, the Velion charger meets all National Electric Vehicle Infrastructure (NEVI) and Build America, Buy America (BABA) requirements.
Lincoln Electric plans to sell the Velion DCFC to municipal fleets and state highway agencies, first, and envisions it being deployed in tough environments like construction sites, emergency response arenas, and complex fixed fleet depots. Car dealerships, museums, and probably ambulances too, could benefit – but I’m sure that’s just scratching the surface.
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Watch the Lincoln Electric launch video for the Velion from earlier this summer, below, then let us know how you’d like to see a mobile fast charger get deployed in the comments section at the bottom of the page.
Lincoln Electric Velion DCFC
Velion 50 kW mobile charger; via Lincoln Electric.
The company hasn’t announced pricing or battery energy capacity (in kWh) for the new Velion, but I’d guess it’s something higher than 15 kWh, but less than 20. If you guys have a better guess, I’d love to hear it!
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Electric vehicles have come a long way, but let’s be real—they still have their hangups: “range anxiety,” long charging times, and questions about safety and sustainability. But what if all those worries could be put to rest?
At IAA Mobility in Munich, CATL, one of the world’s biggest battery makers, unveiled a new technology that could revolutionize EVs.
Shenxing Pro: Go Far, Last Long
CATL debuted two versions of its next-gen Shenxing Pro battery. One is all about distance and durability. Picture this: a single charge gets you up to 758 km (or about 470 miles). That’s enough to drive from Houston to Memphis without a single stop. And it’s not just about the distance; this thing is built to last. It promises a lifespan of 12 years or 1,000,000 km, with only around 9% degradation after 200,000 km. That’s a huge leap from today’s EV batteries, which often lose up to 30% of their capacity over the same period.
Fast Charging, Even When It’s Freezing
Tired of waiting around for your car to charge? The second version of the Shenxing Pro is for you. It’s the Super Fast Charging model, designed to get you back on the road in minutes. CATL says it can add a whopping 478 km of range in just 10 minutes under perfect conditions. And here’s the best part: it holds its own in the cold. We all know how much cold weather messes with most EV batteries, but the Shenxing Pro still delivers up to 410 km of range in just 20 minutes at a chilling -20°C. That’s better than many EVs perform in normal temperatures!
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No Propagation 3.0: Safety First
Safety is a top concern with EV batteries, especially the risk of thermal runaway—that’s when one cell overheats and triggers a dangerous chain reaction. CATL’s new No Propagation 3.0 platform is engineered to stop that domino effect cold. It uses special fireproof coatings and a cell structure that quickly cools down and relieves pressure. In the rare event of a problem, the battery can still provide stable power for over an hour. That extra time is a lifeline, giving drivers the chance to get to safety and ensuring critical systems like advanced driver-assistance features stay online when you need them most.
Getting Greener, At Scale
CATL is also tackling the sustainability issue head-on. Through a new initiative called the Global Energy Circular Commitment (GECC), they aim to cut the use of new raw materials by half over the next two decades. They’re already a leader in this space, operating the world’s largest battery recycling network. Since 2024, they’ve recycled over 130,000 tons of used batteries, recovering 99.6% of crucial metals like nickel, cobalt, and manganese.
The Whole Package
What’s so impressive about the Shenxing Pro isn’t just one feature—it’s everything working together. By improving range, charging speed, safety, and sustainability all at once, CATL isn’t just fixing a single problem; they’re taking on the biggest obstacles to widespread EV adoption. If these batteries live up to the hype, the next wave of EVs could be more efficient, more reliable, and a whole lot greener.
The bottom line? CATL’s latest battery tech in tandem with other commitments could prove to be the building blocks for the next wave of EVs in Europe and beyond.
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