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Yahoo
38 minutes ago
- Yahoo
Obvious Losers, Unexpected Winners As Tax Bill Passes Senate
Clean energy stocks delivered mixed performances on Wednesday as investors continued digesting the Senate's surprise revisions to President Trump's 'big, beautiful bill.' Utility-scale solar firms remained under pressure, while residential solar, hydrogen, and U.S.-based battery storage companies extended gains amid signs the legislation favors domestic supply chains and penalizes projects linked to China. NextEra Energy (NYSE:NEE) slipped another 1.2% on Wednesday, compounding earlier losses, while AES Corp. (NYSE:AES) closed flat after a two-day decline of more than 6%. Shoals Technologies (NASDAQ:SHLS), already down over 14% on Monday, dropped another 3.6% Wednesday. Nextracker (NASDAQ:NXT) slid 2.4%, and Enphase Energy (NASDAQ:ENPH) shed another 4.2%, extending its weekly decline past 15%. Array Technologies (NASDAQ:ARRY) was down 1.8% Wednesday, failing to recover from Monday's -10.1% plunge, as investors reassessed the near-term pipeline risk from the new operational deadline for tax credit eligibility. But There Are Winners, Too … Sunrun (NASDAQ:RUN) added 2.7% Wednesday, bringing its weekly gain to nearly 17% as markets priced in a more favorable outlook for distributed solar. First Solar (NASDAQ:FSLR) advanced another 1.5% on the day following two strong sessions. Analysts at Jefferies upgraded the stock, calling it a key winner from U.S. content incentives and tariffs on Chinese materials. Fluence Energy (NASDAQ:FLNC) and Eos Energy Enterprises (NASDAQ:EOSE), both operating battery storage projects in the U.S., gained 3.1% and 2.5% respectively. As noted here, traders continue rotating into companies best positioned to meet the new sourcing and operations deadlines. And Hydrogen is getting a boost, as well. Hydrogen stocks surged for a third straight session after the Senate unexpectedly extended the 45V clean hydrogen production tax credit to 2027. Plug Power (NASDAQ:PLUG) soared another 8.2% Wednesday, bringing its three-day gain to more than 40%. Bloom Energy (NYSE:BE) added 3.4%, and Ballard Power Systems (NASDAQ:BLDP) rose 2.2%, supported by increasing optimism that delayed U.S. hydrogen projects will now move forward under more favorable terms. Coal, nuclear, and legacy energy stocks have also caught the tailwinds. Steelmaking coal producers continued to gain on Wednesday after the bill granted critical minerals tax credit eligibility to metallurgical coal. Alpha Metallurgical Resources (NYSE:AMR) rose 1.9%, Warrior Met Coal (NYSE:HCC) added 2.4%, and Peabody Energy (NYSE:BTU) was up 1.5%. Meanwhile, uranium and nuclear-linked equities also saw light buying as the bill preserved tax credits for non-carbon baseload power including nuclear, hydro, and geothermal. Cameco (NYSE:CCJ) and Constellation Energy (NASDAQ:CEG) rose modestly, up 0.7% and 1.1% respectively. Policy In the Volatility Driver's Seat The Senate bill tightens tax credit qualification rules by requiring renewable projects to be operational by 2027, rather than just under construction. It also levies new taxes on projects that use Chinese-sourced materials and allows some carveouts for clean hydrogen and domestic manufacturers. According to Rhodium Group estimates, the combination of tax loss and China-linked penalties could raise project costs by up to 20%, with developers likely to pass that through in electricity prices. The American Clean Power Association warned of an 8–10% rise in consumer electricity bills if the proposal is enacted. With the bill headed back to the House for reconciliation, market participants are bracing for additional volatility. Fiscal conservatives are expected to contest the Senate version's deficit impact—estimated to add roughly $1 trillion more than the House-passed bill from May. For now, traders are positioning around likely winners with U.S.-centric supply chains, while pricing in risk for utility-scale developers with international exposure. By Alex Kimani for More Top Reads From this article on
Associated Press
41 minutes ago
- Associated Press
South Korea's leader says trade deal with US remains unclear ahead of Trump's deadline
SEOUL, South Korea (AP) — South Korean President Lee Jae Myung said that it remained unclear whether Seoul and Washington could conclude their tariff negotiations by the deadline set by President Donald Trump for next week, noting Thursday that both nations were still working to clarify their positions and identify areas of agreement. Speaking at his first news conference since taking office last month, Lee also reiterated his intentions to improve badly frayed ties with North Korea, though he acknowledged that mutual distrust between the Koreas is too deep to heal anytime soon. Trump's tariff hikes and other 'America First' policies are major challenges for Lee's month-old government, as are North Korea's expanding nuclear program and domestic economic woes. Lee, a liberal, came to power after winning a snap presidential election caused by the ouster of conservative President Yoon Suk Yeol over his ill-fated imposition of martial law in December. Lee said the tariff negotiations with the U.S. have been 'clearly not easy' and stressed that the countries must reach mutually beneficial outcomes. 'It's difficult to say with certainty whether we will be able to reach a conclusion by July 8. We are now doing our best,' Lee said. 'What we need is a truly reciprocal outcome that benefits both sides and works for everyone, but so far, both sides are still trying to define exactly what they want.' Trump's 90-day pause in global reciprocal tariffs is set to expire on July 9, potentially exposing South Korean products to 25% tax rates. Washington has separately been seeking higher duties on specific products such as automobiles and semiconductors, which are key exports for South Korea's trade-dependent economy. There are growing concerns in Seoul that Trump may also demand a broader deal requiring South Korea to pay significantly more for the 28,000 U.S. troops stationed on the peninsula to deter North Korean threats. Lee has consistently urged patience on tariffs, arguing that rushing to secure an early deal would not serve the national interest. His trade minister, Yeo Han-koo, was reportedly arranging a visit to Washington for possible meetings with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick. On North Korea, Lee said he would seek to restore long-dormant talks with North Korea, whose expanding military cooperation with Russia pose major security concerns to their neighbors. 'I think we should improve relations with North Korea based on a reliable coordination and consultation between South Korea and the U.S.,' Lee said. 'But I expect that won't be easy as mutual antagonism and distrust are too serious.' Lee previously faced criticism that he was tilting toward North Korea and China and away from the U.S. and Japan. But since the election, Lee has repeatedly vowed pragmatic diplomacy, saying he would bolster the alliance with the U.S. while also seeking to repair ties with North Korea, China and Russia. Some critics say it's too difficult to satisfy all parties. Lee's government has made proactive efforts to build trust with North Korea, halting frontline anti-Pyongyang propaganda broadcasts and taking steps to ban activists from flying balloons carrying propaganda leaflets across the border. North Korea hasn't publicly responded to the conciliatory gestures by Trump and Lee, but officials said North Korean propaganda broadcasts have since been unheard in South Korean border towns. Lee said he's been talking with his presidential security and intelligence officials about how to revive talks with North Korea but didn't elaborate. Trump has also expressed intent to resume diplomacy with North Korean leader Kim Jong Un. Lee has said he would support Trump's push. North Korea has refused talks with the U.S. and South Korea since earlier Trump-Kim nuclear talks collapsed in 2019. North Korea is now pursuing relations with Russia, supplying troops and weapons to support its war against Ukraine in return for economic and military assistance.
Associated Press
an hour ago
- Associated Press
Why hosting a July Fourth pool party may cost less this year
NEW YORK (AP) — Americans have one more reason to celebrate this Fourth of July: getting all the gear needed to host a pool party costs less than it has in years, according to a market research company's preliminary data. The total price to buy beach towels, a beverage cooler, bathing suits and other accountrements of summer fun averaged $858 in June, the lowest amount for the month since 2020, consumer data provider Numerator said in an analysis prepared for The Associated Press. The finding from the firm's seasonal snapshot comports with broader economic measures indicating that U.S. consumers so far have not seen major impacts from President Donald Trump's vigorous application of tariffs on foreign goods. Numerator tracks U.S. retail prices through sales receipts, online account activity and other information from a panel of 200,000 shoppers. To see how prices are shaping up for the summer, the company looked at the average purchase price for 16 seasonal items typically made in China. Along with four towels, a cooler and bathing suits for two adults and a toddler, the hypothetical shopping list for a poolside gathering included a grill, four patio chairs, four cushions, a patio umbrella and four outdoor pillows. Recreation supplies included a cornhole set, two pairs of swim goggles, a set of diving rings, two beach balls and two pool floats or noodles. Leo Feler, Numerator's chief economist, offered a few theories for why buying all that stuff cost 11% less last month than it did in June 2023, when the average cost reached a high of $966, and 8.4% less than it did in June 2024. Wholesale suppliers and retailers that order from Chinese manufacturers may have imported too much stock while trying to stay ahead of high tariff bills, Feler said. As declining consumer confidence measures pointed to the possibility of weak sales, those businesses might have offered early discounts rather than risking their merchandise going unsold, he said. Given wide swings in Trump's trade posture toward China, retail vendors may have decided to absorb any initial tariff costs instead of trying to figure out how much more to charge their business customers, Feler said. The tariff rate on Chinese products soared to 145% in April before China and the U.S. reached a deal last month that brought the overall rate down to 55%. Suppliers often work on six-month contracts that are signed in January or February and again in June or July. That means many contracts for patio tables and chairs, for example, were signed before the White House included metal furniture in the aluminum or steel products that would be subject to a 25% tariff that went up to 50% last month. Customers who want to buy a new set of beach towels or to replace an old cooler still might want to hold off until August since prices will get lower in late summer, Feler said. But waiting until next year may prove costly, if the tariffs on products from China remain in place, he said. Just because preparing for a backyard bash might be comparatively less expensive right now, many economists and retail industry analysts still expect consumers to feel the weight of Trump's favorite trade negotiation tool. Shoppers are likely to see higher prices for back-to-school items starting in July and August, according to Feler. The time it's taking for the extra taxes on imports to reach stores could turn out like the pandemic-induced supply chain disruptions that contributed to U.S. inflation in 2021 and 2022. 'It wasn't like there was a sudden surge,' Feler said. 'It was a few prices increased here, then a few more prices, and a few other prices, and a couple more prices. And it started gaining speed.'
