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Seaport Securities founder Ted Weisberg and All Star Charts founder JC Parets discuss whether the breadth of the stock market is getting more positive or negative on ‘The Claman Countdown.’
The U.S. economy rose 1.1% in the first quarter, falling short of estimates, in a sign that a slowdown is underway.
It is also a big pullback from the fourth quarter's 2.6% rise and the third quarter's 3.2% increase, according to the final estimate from the Bureau of Economic Analysis.
The read may present a conundrum for the Federal Reserve and Chairman Jerome Powell, who frequently touts being data dependent, heading into next week’s May meeting. Choppy Economic Data Points
Durable Goods March: +3.2
Retail Sales March: -1.0%
Consumer Confidence April: 9-month low
Economic activity has been choppy, at best, in recent weeks.
Durable goods orders for March rose 3.2%, the first increase in three months, blowing past expectations of just 0.7% growth. However, spending at retail stores indicated the consumer has dialed back on spending. Retail sales fell 1% in March from the prior month, more than economists expected. Excluding autos, sales slipped 0.8%.
Consumer confidence, tracked by the Conference Board, slipped to a nine-month low in April. Ticker Security Last Change Change % UPS UNITED PARCEL SERVICE INC. 174.59 +2.02 +1.17%
Additionally, shipping giant UPS, a solid barometer of economic growth, gave a murky economic outlook this week.
"I think there's been a shift from goods to services that's going on. And with those macro indicators and with the shift in the consumer confidence that we saw in the first quarter, you enter an environment where there's going to be softer volume and it was falling from January to February" UPS CFO Brian Newman told FOX Business, following the delivery giant’s earnings report.
AMAZON JOB CUTS TO BEGIN THIS WEEK
Plus, large corporations including Disney and Amazon, began cutting thousands of workers this week, with the two power players expected to cut a combined 34,000 jobs over the next few months, with some already completed. Ticker Security Last Change Change % DIS THE WALT DISNEY CO. 98.02 +1.42 +1.46%AMZN AMAZON.COM INC. 109.09 +4.11 +3.92%
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Policymakers will make their next interest rate decision on May 3 with the futures market currently predicting a 76% chance of a 25-basis point rate hike, lifting rates to between 5%-5.25%, as tracked by the CME’s Fed Watch Tool.
This is a developing story. Please check back for updates.
It’s been a busy time for the North American EV industry’s transition to NACS, the charging standard originally advanced by Tesla and now standardized by SAE.
But this past couple weeks were supposed to be even busier, with Kia having previously planned to roll out Supercharger access on January 15th, according to an announcement the company made back in September. Unfortunately there was a delay, and Kia owners will have to wait until later this quarter for official support.
In the meantime, though, owners had found that you could trick the system into letting you charge by telling it that you have a Hyundai. Hyundai and Kia both build their EVs on the same E-GMP platform, so there are a lot of similarities between them.
Kia, like Hyundai, is also in the process of shipping some of the first vehicles with a native NACS port, with the 2025 EV6 including a native NACS port, much like the 2025 Ioniq 5 does. So this similarity seemed to be able to trick the Supercharger network, and Kia EV6s could charge on it for a little while, assuming use of a third-party adapter.
But that method no longer works, according to several Kia owners. Now, when attempting to charge at a Tesla Supercharger with an EV6 and adapter, the Tesla app will tell you “Unknown error occurred – Your vehicle is not able to charge at Superchargers at this time.” This has been confirmed to be the case even on Supercharger sites that were previously working.
Probably one of the reasons for this is the use of third-party adapters. While third-party adapters are available, manufacturers are always wary when owners use non-verified equipment – especially when it’s related to the most expensive part of the car, the battery.
Kia themselves told us that “warranty coverage may be impacted by use of a third party or aftermarket adapter, and we expect to have our authorized version available in late Q1 2025” when we contacted them about our previous article (though we’re not sure how that would shake out legally – there are a lot of laws covering car warranties and what can and cannot void them).
This isn’t the first time we’ve seen some mix-ups with Supercharger access. Last November, Tesla announced that Nissan cars had access to Superchargers, but it turned out they jumped the gun. Everything is hunky-dory now for Nissan, and it seems like a bunch of new brands will gain access in the coming months, but we expect a few more fits and starts along the way (chaos tends to happen when you fire the whole Supercharger team for no reason).
But, once EV6s do gain access to Superchargers, we expect to see them show exceptional charge performance. The EV6’s cousin, the Ioniq 5, recently showed that it can charge faster than a Tesla, even on Tesla’s home turf. The EV6 should be able to accomplish similar feats, once it is unleashed onto North America’s biggest charging network.
If you’re looking to buy one of the fastest-charging EVs on the road today, use our link to check local dealers and get in line for when they get the new 2025 Kia EV6s in stock.
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Jaguar Land Rover’s investment arm InMotion Ventures has invested $2 million in rare earth magnets recycling company Cyclic Materials, bringing its Series B funding round to $55 million.
Jaguar Land Rover’s InMotion Ventures has invested in a range of technologies including supply chain traceability, battery repair, reuse and recycling, and now, rare earth magnets recycling.
“Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements (REEs) and critical materials,” said Mike Smeed, managing director at InMotion Ventures. “Their innovative technologies address a vital need for rare earth magnets recycling, supporting the automotive industry’s transition toward a cleaner and more resilient future.”
Cyclic Materials says it will use the investment to accelerate the expansion of its operations across North America and Europe, boost its processing capabilities, and refine its recycling technologies.
This Series B extension builds on Cyclic Materials’ earlier $53 million round that already has the backing of BMWi, Microsoft, and Hitachi.
Rare earth magnet recycling
Rare earth magnets are a type of permanent magnet made from alloys of REEs, which are part of a set of 17 chemical elements in the periodic table. Rare earth magnets, particularly neodymium magnets, are essential in electric traction motors in EVs. Their strong magnetic fields help deliver high performance and efficiency, which extend an EV’s driving range and reduce battery load.
Rare earth magnets can also be found in everything from data centers and wind turbines to cell phones and power tools.
However, less than 1% of REEs are currently recycled, while the global demand already exceeds supply and is projected to grow threefold by 2030. Ontario-based Cyclic Materials says its proprietary MagCycle and REEPure technologies recycle REEs from a wide range of end-of-life products, establishing a circular supply chain for recycled Mixed Rare Earth Oxides.
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