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Stocks are slumping Tuesday as more caution creeps into financial markets worldwide.

The S&P 500 was 1% lower in early trading, following up on losses for stocks across Europe and much of Asia.

The Dow Jones Industrial Average was down 370 points, or 1%, at 35,102, as of 9:50 a.m. Eastern time, and the Nasdaq composite was 1.3% lower.

In the U.S., bank stocks dropped after Moodys cut the credit ratings for several smaller and midsized ones amid a long list of concerns about their financial strength.

Across the Pacific, stocks sank 1.8% in Hong Kong and 0.3% in Shanghai after a report showed exports for Chinas troubled economy shrank by the most since the start of the pandemic in 2020.

The worries layered on top of a mixed set of earnings reports from big U.S. companies.

UPS fell 3% after it cut its forecast for revenue this year. It reported stronger profit for the spring but weaker revenue.

Eli Lilly helped to limit the markets losses after jumping 16.4%.

The medicine developer reported profit and revenue for the spring that both topped analysts expectations.

More jolts may be ahead for markets.

The U.S. government later in the morning will report how many job opening were available across the country in June, a test of how resilient the job market remains.

Economists expect a separate report to show U.S. manufacturing continues to struggle under the weight of much higher interest rates.

The Federal Reserve has hiked its main interest rate to the highest level in more than two decades in hopes of grinding down inflation.

High rates work by slowing the entire economy bluntly, which has raised the risk of a recession but also helped inflation to moderate since its peak last summer.

Besides manufacturing, high rates have hit banks particularly hard. Moodys said the rapid rise in rates has led to conditions that hurt profits for the broad industry, while knocking down the value of investments made when rates were super low.

Such conditions helped cause three high-profile failures for three U.S. banks earlier in the spring, which shook confidence in the system.

Moodys also said troubles may be coming for banks with lots of commercial real estate loans, which are hurting as the threat of a U.S. recession remains and work-from-home trends keep people out of offices.

M&T Bank, one of the banks whose credit rating Moodys downgraded, fell 4.7%.

Truist Financial, one of the banks that Moodys said its reviewing for a possible downgrade, fell 4.5%.

Other, larger banks whose credit ratings weren’t affected also sank.

JPMorgan Chase fell 2% and was one of the heavier weights on the S&P 500.

Later this week, the U.S. government will releases data on consumer and wholesale inflation, which could influence what the Federal Reserve does next with interest rates.

The hope on Wall Street is that the cooldown in inflation since its peak above 9% last summer will help persuade the Fed that upward pressure on prices is under control and no more rate hikes are needed.

Forecasters expect Thursdays data to show consumer prices rose by 3.3% in July over a year ago, an acceleration from Junes 3%.

But some economists and investors say getting that list bit of inflation moderation to the Fed’s target of 2% is likely to be the most difficult.

They’re saying Wall Street has become convinced too quickly that the Fed can achieve a soft landing for the economy and that the 19.5% run for the S&:P 500 through the first seven months of this year was overdone.

In the bond market, Treasury yields tumbled as investors moved into investments considered safer.

The yield on the 10-year Treasury fell to 3.98% from 4.10% late Monday. It helps set rates for mortgages and other loans.

The two-year Treasury yield, which more closely tracks expectations for the Fed, fell to 4.73% from 4.79%.

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Environment

First ever electric rail car mover gets to work at Port of Baltimore [video]

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First ever electric rail car mover gets to work at Port of Baltimore [video]

The Helen Delich Bentley Port of Baltimore has announced a first for the contemporary American maritime industry: a battery-electric rail car mover that can organize the rail yard without dirtying up the air around it.

Built by the Marmon Rail’s Italian Zephir division, the LOK 16.150E model rail car mover features an 80-volt rechargeable battery pack sending current to a pair of 40 kW (about 50 hp) high-torque brushless motors. That may not sound like a lot in a world of 650 hp Kias and 1000 hp Teslas, but it’s enough to generate a drawbar pull (read: towing force) of more than 39,000 lbs. … all while generating zero tailpipe emissions.

“At this terminal, the asset will be used to help with intermodal cargo exchange,” said Matt Stahl, Mid-Atlantic terminal general manager for global shipping gurus Wallenius Wilhelmsen, who operate the Zephir. “We can do it with our own asset, without any assistance.”

Wallenius Wilhelmsen is using the Zephir to move rail cars loaded with heavy lift, farm and construction equipment, and military cargo within the Dundalk Marine Terminal, and claims it will remove over 180 tons of harmful carbon emissions per year.

You can check out the promotional video released by the Port of Baltimore to celebrate the Zephir’s deployment, below, then let us know what you think in the comments.

Electrek’s Take

Historically-conscious readers already know that the key word in that first paragraph is contemporary, because the Zephir is very much a case of “what’s old is new again,” according to Freightwaves’ Stuart Chirls. Chirls explains that the Zephir, “harks back [sic] to battery-powered railcar movers built by the Pennsylvania Railroad in 1912, rubber-tired ‘locomotives’ used to switch freight cars around the narrow streets of the Baltimore waterfront on track curvature too tight for standard motive power.”

If you want to learn more about the Pennsylvania Railroads’ 100-year lead on electric rail car switcher technology, check out this article on Railfan, which includes the photos below plus a whole lot more.

Don’t miss: they had license plates!

Rubber Tired Switchers

SOURCES | IMAGES: Port of Baltimore, via Freightwaves, Railfan.

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Environment

Awesomely Weird Alibaba EV of the Week: This four-wheeled e-bike/car

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Awesomely Weird Alibaba EV of the Week: This four-wheeled e-bike/car

When it comes to oddities of the electric vehicle variety, it doesn’t take much to pique my interest. If it’s got an electric motor and a funky shape, I’m down to clown. But being an electric bicycle guy through and through, anytime we can work some good ol’ pedaling action into the mix, I’m all the happier. And this week’s edition of the Awesomely Weird Alibaba Electric Vehicle of the Week sure tickles my fancy!

If Teslas are too mainstream for you, but Fred Flinstone’s car is a bit too much effort, then I think I’ve found the perfect compromise. This electric bike-car offers everything its name promises.

It’s got pedals like a bike, along with a set of handlebars for steering and a bicycle seat for keeping you the perfect amount of uncomfortable. But it’s also got the enclosed convenience of a car, shielding riders from the rain and sun, though not from the curious looks of passersby. And with an electric bicycle motor, you don’t have to burn through your entire lunch just pedaling this brick down the block.

Of course, beauty is always in the eye of the beholder. And I’m sure the appearance will be divisive, with some finding it charming and others… less so. But more than just looks, this thing is about utility.

I’d say the design is perfect for anyone who has ever said, “Give me the environmental friendliness of an electric bicycle but with the turning radius of a school bus.” Finally, a vehicle that lets you feel superior to cyclists and drivers simultaneously while enjoying the camaraderie of neither.

Combining the aerodynamics of a garden shed and the aesthetics of a cute dumpster, this electric bike car is likely as hard to get rolling as it is to park. But it’s got one main thing going for it: an insane amount of enclosed storage space that other e-bikes could only dream of.

Behind those double doors is your own mobile storage unit, and one that has every right to use the bicycle lane – at least in cities that extend such rights to four-wheeled bicycles.

To put numbers on it, this thing offers a massive 1.8 cubic meters of storage space in back. I’m not sure the best way to describe that in freedom units. Does 63 cubic feet mean anything to anyone? 475 gallons? A micro-studio apartment in NYC?

Either way, you could just about turn the rear box into a tiny camper – though it wouldn’t be the first bicycle-based RV we’ve seen.

As far as performance goes, it’s got a top speed of 31 km/h, or a hair under 20 mph. Considering it probably has the crash-test rating of a cardboard box, I’m not sure I’d want to go that fast too often.

The benefit of crashing on a standard bicycle is you get to separate from it fairly quickly. Crashing in this thing makes me feel like I’d just pinball around inside the cab until I’ve become one with the handlebars.

Of course, the ideal environment for something like this electric bike-car is not mixing it up with traffic. I’d much rather stick to the bike lane or bicycle highways – though I’m not sure how my fellow cyclists would welcome me there. Actually, I’m not sure they’d even consider me a fellow cyclist.

So alas, I’m not sure exactly where I’d use it. And at $3,000, that’s a hefty chunk of change for a vehicle that would have a hard time fitting into our world. But even though its place is hard to understand, I’ll forever love that things like this exist.

Just please don’t go and try to buy something like this from Alibaba. Yes, I know I’m not a good example and rarely take my own advice. But this is a, “do what I say, not what I do” situation, indeed.

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Politics

Bitcoin hinges on $93K support, risks $1.3B liquidation on trade war concerns

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Bitcoin hinges on K support, risks .3B liquidation on trade war concerns

Global trade war concerns may pressure Bitcoin below the key $93,000 support in the short term, analysts told Cointelegraph.

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