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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, September 26, 2023.

Brendan McDermid | Reuters

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

Some up, some down
U.S. stocks were mixed Wednesday, with the Dow Jones Industrial Average slipping 0.2%, the S&P 500 remaining mostly unchanged and the Nasdaq Composite adding 0.22%. The 10-year Treasury yield hit 4.607%, its highest since 2007. Europe’s Stoxx 600 dipped 0.18%, its fifth straight day of decline and lowest close since March 28, according to LSEG data.

Fiscally weaker than 2011
The U.S. is weaker now, fiscally speaking, than it was in 2011 when S&P Global Ratings downgraded the country’s long-term credit rating from AAA to AA+, said John Chambers, former chairman of S&P’s ratings committee. That’s because of even higher government debt and more intractable political gridlocks in Congress. The implication: Don’t be surprised by another ratings downgrade.

Rates aren’t high enough?
Minneapolis Federal Reserve President Neel Kashkari thinks the current interest rate range of 5.25% to 5.5% might not be high enough to be restrict inflation, he told CNBC. His evidence: The auto and housing sectors, traditionally most sensitive to rates, are “starting to show some recovery,” Kashkari noted.

Meta doubles down on the metaverse
Meta announced Quest 3, the latest version of its virtual reality headset. Available for $499 — $200 more expensive than the Quest 2 — the headset includes a feature called “passthrough” that allows users to see the world outside quickly. At the company’s event, Meta also announced new artificial intelligence software and digital assistants modeled by celebrities.

[PRO] Not the bottom yet
Stocks had an awful Wednesday — and September — and August. Well, it just hasn’t been great for stocks lately. But even after that turmoil, it doesn’t look like stocks have hit their bottom yet, writes CNBC Pro’s Bob Pisani. Here are the signs he’s looking for before he thinks stocks can rally again.

The bottom line

September’s story hasn’t changed: High yields and oil prices are dragging down stocks. But a twist in the story — a potential and increasingly unavoidable U.S. government shutdown — is making it truly difficult for stocks to have any confidence to climb.

Let’s look at each factor in turn.

Yields on the U.S. 10-year Treasury breached 4.6%, while that of the 2-year Treasury inched up to 5.137% yesterday. If yields continue on their upward trend, it’s likely they’d trigger fresh fears of recession as the cost of borrowing increases.

Rising Treasury yields aren’t the only costs weighing on the economy. Futures for West Texas Intermediate crude popped more than 3% to $93.83 while Brent rallied 2.76% to $96.55. As oil is an input cost for so many components of the economy — from the obvious like gasoline for vehicles, to the more unexpected like food and grocery prices — there’s a possibility companies and consumers will cut back on spending.

Last, a government shutdown means economic data will be delayed, hobbling a Federal Reserve that’s repeatedly said it’s “data-dependent.” With interest rates the highest they’ve been in more than 20 years, even the most careful calibration will have an outsized impact on the economy. Going at it blind — through no fault of the Fed’s — won’t inspire confidence in markets. And a shutdown risks another downgrade by ratings agencies.

Even though September’s already ending, things, as BTIG’s Jonathan Krinsky puts it, “are likely to remain messy.”

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Ford likely to enable all dealers to sell EVs amid shifting plans

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Ford likely to enable all dealers to sell EVs amid shifting plans

With changes expected to Ford’s electric vehicle certification program, all Ford dealers will likely be able to sell EVs. Ford is reportedly preparing to open the program amid feedback from its dealers.

Ford poised to open dealers network to sell EVs

After asking dealers to pause EV investments this week, Ford is finalizing changes to the program. Ford already eased requirements last year due to “changes in the market.”

Ford spokesperson Marty Gunsberg confirmed that several dealers opted out of the program this past December. Gunsberg said, “Enrollments for 2024 are just over 50% of the network.” That’s down from about two-thirds confirmed by CEO Jim Farley a year prior.

According to Automotive News, after a series of meetings between dealers and executives, Ford is now preparing to allow all dealers to sell EVs.

Ford is expected to update the financial requirements needed to qualify. Previously, dealers were required to invest at least $500,000 to enroll in the program. For $1.2 million, dealers could be eligible for the “Elite” tier, which included additional chargers, demo units, and a presence on Ford.com.

Ford-dealers-EVs
Ford Mustang Mach E at a Tesla Supercharger (Source: Ford)

If dealers didn’t want to invest, they couldn’t sell Ford EVs. Ford’s vice president of EV programs, Lisa Drake, said the company no longer believes having select dealers sell EVs is the right plan.

More dealers want in but with less financial commitment

“What we’re finding is more dealers want to be involved in it and we don’t want to be exclusive to just a handful,” Drake said. “And so we’re making a change where we’re opening up that and not requiring as many certifications or investments for a dealer to participate in the EV revolution.”

Meanwhile, the changes will not be finalized until early June, when Ford meets with its dealer council.

Ford-dealers-EVs
2024 Ford F-150 Lightning lineup (Source: Ford)

It’s unclear how much Ford will reduce financial requirements to sell EVs, but many believe it will be drastically relaxed to promote participation.

Drake said Ford will be “more ubiquitous with our training and make sure essentially all of our dealers are equipped to sell them” going forward. Ford will need to figure out how to deal with those who have already made investments at the upcoming dealer council meeting.

Ford-dealers-EVs
Ford Mustang Mach-E GT Bronze edition (Source: Ford)

Ford slashed prices on its popular Mustang Mach-E and F-150 Lightning in recent months to boost sales.

After cutting Mach-E prices by up to $8,100 earlier this year, Ford introduced a new 0% APR offer on 2024 models this week.

2024 Mustang Mach-E trim Range Starting Price
Mustang Mach-E Select 250 mi $39,995
Mustang Mach-E Premium 320 mi $43,995
Mustang Mach-E GT 280 mi $53,995
Mustang Mach-E Rally 265 mi $59,995
2024 Mustang Mach-E price and range by trim

Ford also introduced new discounts on the 2023 F-150 Lightning this week, offering up to $15,000 off MSRP. F-150 Lightning lease prices were cut by over $400 a month.

If you’re in the market for a new EV, now’s the time to start shopping. You can use our links below to find deals on Ford’s electric vehicles at a dealer near you.

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Podcast: Tesla Cybertruck first driving impressions, Kia EV3, Chevy Silverado EV RST and more

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Podcast: Tesla Cybertruck first driving impressions, Kia EV3, Chevy Silverado EV RST and more

On the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Fred’s Tesla Cybertruck first driving impressions, Kia EV3, Chevy Silverado EV RST and more.

Today’s episode is sponsored by Momentum, a new brand of lifestyle e-bikes from Giant Group designed to deliver a full range of innovative electric, hybrid and city bikes with premium features, long assist ranges and sensor technologies that offer natural riding experiences that are both energy saving and fun.

Sponsored by SplitVolt: The Splitvolt Splitter Switch automatically shares power from your existing 240V dryer socket with your Level 2 EV charger. Learn more here.

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.

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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Here’s the how many public EV charging ports the US has now

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Here's the how many public EV charging ports the US has now

The US Joint Office of Energy and Transportation’s Q2 2024 update reveals a surge in public EV charging ports. Here’s the scoop.

Public EV charging ports are mushrooming

The Joint Office reports that there are now more than 183,000 Level 2 and DC fast charging ports across the US – that’s an increase of more than 13,000 public EV charging ports in the last quarter. (If we only count DC fast chargers, there are 43,152 charging ports and 10,662 locations.)

That puts the US at over a third of the way to reaching the Biden administration’s goal of 500,000 public ports by 2030.

As for the Q2 update on how the National Electric Vehicle Infrastructure (NEVI) Formula Program rollout is going, there are now eight NEVI DC fast charging stations in six states and 33 public charging ports in operation.

Thirty-six states have released at least their first round of NEVI solicitations. Of these states, 23 have issued conditional awards or established agreements for more than 550 charging station locations, each with at least four fast charging ports. And four states – Maine, Pennsylvania, Colorado, and Ohio – are already in Round 2 of releasing conditional awards.

And yesterday, Wisconsin became the first state to award funding to Tribal Nations for NEVI charging stations. 

Electrek’s Take

To my delight, DC fast chargers are popping up all around me. There’s a brand-new 250 kW Tesla Supercharger with 12 ports in Salem, New Hampshire, which is a huge help when we drive back from Boston, and a Rivian DC fast charger station just opened up five miles away. In April, Vermont trailblazed with its first NEVI charging station with four ports in Bradford. If you’re seeing similar EV charger rollouts in your area, I’d love to hear about it in the comments below.

There’s been press coverage in the mainstream media about how slow the NEVI rollout is, but as I’ve said before, there’s an enormous amount of groundwork that needs to be completed before these EV stations come online.

The federal and state governments are creating EV Alternative Fuel Corridors – that’s unprecedented. Everyone has started from scratch. Plus, they need to get it right because the chargers must be operational 97% of the time to qualify for NEVI funding. (Fun fact: Tesla has won the highest percentage of NEVI charging awards of any company. So I’m wondering how that’s going to work since the Supercharger team was fired.)

It may not look like the NEVI program “duck” is doing much on the surface, but it’s paddling furiously underwater. NEVI chargers will suddenly start popping up everywhere.

Read more: Here’s how the US can make EV road trips seamless


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