People walk near the New York Stock Exchange on July 18, 2023 in New York City
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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
Dow’s 11-day streak Major U.S. stock indexes ended Monday in the green, with the Dow Jones Industrial Average notching an 11-day winning streak. The pan-European Stoxx 600 advanced 0.06%, led by a 1.5% rise in oil and gas stocks. But business activity in the euro zone and U.K. is slowing down, according to flash estimates.
Ex-Twitter Twitter rebranded to “X” and dumped its iconic bird logo. The transition from Twitter to X is part of owner Elon Musk’s vision to turn the platform into an “everything app” that is “centered in audio, video, messaging, payments/banking,” according to CEO Linda Yaccarino’s tweet — sorry — “x,” in the brand’s new parlance for short messages. Analysts aren’t convinced by the move.
Busy week for central banks The U.S. Federal Reserve, the European Central Bank and the Bank of Japan will all announce interest rate decisions this week. Analysts are expecting the Fed to hike rates by 25 basis points; the ECB to raise rates by 25 basis points as well; and the BOJ to keep its ultra-loose monetary policy intact. However, the central banks could pivot at the meeting following this week’s.
China’s ‘tortuous’ recovery China’s Politburo, the top decision-making body of the Chinese Communist Party, met Monday and pledged to “adjust and optimize policies in a timely manner” for its property sector. Acknowledging the country’s disappointing economic data, the Politburo said “the economy is facing new difficulties” and that the economic recovery will be “tortuous” — though it didn’t announce any major stimulus.
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The Dow notched 11 straight day of gains, its first in six years, which gave it its highest close since February 2022. To put into perspective how impressive that feat is, the Dow has achieved an 11-day rally — or longer — only six times since 1945, according to Paul Hickey, co-founder of Bespoke Investment Group. That’s less than once a decade.
Stocks were fired up by the energy sector, which rose 1.7% after oil and gas futures jumped to a three-month high. Goldman Sachsexpects even higher prices as “demand reaches an all-time high” in the third quarter of the year, echoing a warning by the International Energy Agency.
In another indication markets are buoyant, meme stocks seem to be back. The Roundhill Meme ETF has gained nearly 60% year to date, suggesting investors are feeling confident enough to pour money into stocks driven by sentiment and speculation.
Small-cap stocks might be the next to rally, if Canaccord Genuity’s prediction proves right. In a note to clients, strategist Tony Dwyer said the Russell 2000 Index appears to be hitting a bottom relative to the S&P — which means it could start rising soon — especially given the expensive valuation of the top stocks in the broader index. Indeed, the Russell 2000 closed above its 200-day moving average, typically a sign that there’s positive momentum behind the movement.
With 40% of the Dow and 30% of the S&P reporting earnings this week, we’ll get a clearer sense of whether investor enthusiasm can last. Alphabet, Microsoft and Visa kick off earnings later today — but keep an eye on PacWest Bancorp for any signs of weakness in regional banks. For the smaller banks that have already reported last week, though, things appear stable so far. May the good times roll.
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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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.
The new Hyundai IONIQ 5 Essentials trim (Source: Hyundai)
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.”
The new Hyundai IONIQ 5 Essentials trim (Source: Hyundai)
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 Hyundai IONIQ 5 N (Source: Hyundai)
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.
2025 Hyundai IONIQ 5 N (Source: Hyundai)
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.
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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FTC: We use income earning auto affiliate links.More.