Reads
- China and US Should Strive for Peaceful Coexistence, Xi Says
- Putin Says He Wants Peace in Ukraine But on Russia’s Own Terms
- Iran Says Prospect for Talks Over Nuclear Deal ‘Still Exists’
- Maersk Halts Red Sea Shipping as US Navy Sinks Houthi Boats
- Shale Is Keeping the World Awash With Oil as Conflicts Abound
- Meet America’s Newest Oil-Trader Extraordinaire: Joe Biden
- Pakistan’s Inflation Quickens for Second Straight Month
- Bangladesh Sentences Nobel Peace Prize Winner to 6 Months in Prison
- ‘There’s No Other Job’: The Colonial Roots of Philippine Poverty
- US Overtakes China as South Korea’s Top Export Market
- Chief Justice Roberts Says AI Will Transform How the Courts Work
- The Way Big Banks Shut Down Customer Accounts Is Callous. Let’s Fix It.
- Chill in the Housing Market Seeps Into Other Industries
- Covid Slashed Consumer Choices. This Is Why They Aren’t Coming Back
- Where the Job Market Is Heading in 2024, in Six Charts
- Baidu’s Live-Streaming Hopes Hit by Lapse of $3.6 Billion Deal to Buy YY
- BYD Posts Record Sales Quarter to Challenge Tesla at Own EV Game
- Western Anxiety About Chinese EVs Could Prove Self-Defeating
- Volkswagen’s Elusive Quest to Make an EV for the Masses
- Climate Activists Block Amsterdam Highway in Protest Against ING
- PGA Tour and Saudi-Backed LIV Extend Deadline to Finalize Deal
- The Sports-Betting Traders Deciding How Much You Win or Lose
Open Interest Changes
PREMIUM
Prepper
Now that we’re in 2024, the number of electric vehicle models eligible for the $7,500 consumer tax credit in the U.S. has fallen.
The number of EV models that qualified for the EV tax credit on December 31 under the old criteria was 25 but today that number is 13. This is due to tighter rules around sourcing parts from Chinese suppliers.
The new rules specifically exclude from the tax credit vehicles that use battery components made by Chinese manufacturers.
Looking ahead, Treasury Department spokeswoman Ashley Schapitl said the government will continue to closely coordinate with the automobile industry on the new restrictions. 'Automakers are adjusting their supply chains to ensure buyers continue to be eligible for the new clean vehicle credit, partnering with allies and bringing jobs and investment back to the United States," she stated.
In 2025, the restrictions will expand to include suppliers of key raw materials for batteries, such as nickel and lithium, which could put additional pressure on automakers to qualify for EV tax credits.
Vehicles still eligible for the full $7,500 EV tax credit include variations of Tesla's (NASDAQ:TSLA) Model Y, the R1T pickup from Rivian Automotive (NASDAQ:RIVN), the Jeep Wrangler 4xe by Stellantis N.V. (STLA) , The Chevrolet Bolt from General Motors' (GM) , and F-150 Lightning pickup truck by Ford Motor (F) .
Notably, the Nissan Leaf (OTCPK:NSANY) and Tesla’s (TSLA) Cybertruck fell off the list at the stroke of midnight on January 1. However, the two vehicles still qualify for a $3,750 tax credit with a long list of other EV models.
Bitcoin (BTC-USD) has reached its highest price in two years, surpassing $45,000 for the first time since April 2022. This rally is fueled by anticipation of the U.S. approval of a spot Bitcoin ETF.
Bitcoin (BTC-USD) is currently changing hands at $45.7K, more than 7% up.
The U.S. Securities and Exchange Commission (SEC) is set to approve a Bitcoin ETF after a long wait, citing concerns about volatility and market manipulation.
The decision, which could be made as early as January 10th, has ignited a current rally among investors who anticipate a positive outcome.
Bitcoin has increased by a significant 175% in the past year. It performed better than both gold and global stocks, although it hasn't returned to its 2021 peak of $69,000.
Stocks to watch on Tuesday as Bitcoin surpassed the $45,000 threshold: Coinbase Global (COIN). Riot Platforms (RIOT). Marathon Digital (MARA). Hut 8 Mining (HUT). Cleanspark (CLSK). MicroStrategy (MSTR), Cipher Mining (CIFR), Stronghold Digital (SDIG), Hive Digital Technologies (HIVE), Bitdeer Technologies (BTDR), Bakkt (BKKT) and Bitfarms (BITF).
Corcept Therapeutics (NASDAQ:CORT) plummeted 38% in after-hours trading on Friday after a loss in a patent trial with Teva Pharmaceuticals (NYSE:TEVA) over a patent for a drug for Cushing’s syndrome. The drug is called Korlym.
The court found that Corcept (CORT) had not met its burden of proving induced infringement, according to a court ruling late Friday by Judge Renée Marie Bumb of the US District Court for the District of New Jersey.
Corcept (CORT) originally sued Teva (TEVA) in federal court in March 2018 to prevent it from marketing a generic version of Korlym.
Corcept's (CORT) short interest is 18%.
On our catalyst watch for the day,
- Tesla (NASDAQ:TSLA) is expected to report Q4 deliveries.
- Options trading volume is high again on Spirit Airlines (NYSE:SAVE) as traders wait on the result of the Department of Justice trial on blocking the merger with JetBlue Airways (NASDAQ:JBLU).
- Sirius XM Holdings (SIRI) and Big Lots (BIG) both have an elevated level of short positions on them.
Other articles to look out for on Seeking Alpha:
Oil climbs as Iran sends warship to Red Sea after U.S. sinks Houthi boats
Avangrid cancels merger deal with PNM Resources
China's manufacturing expansion picks up driven by stronger domestic demand
On Friday the last trading day of 2023 the major market averages concluded to the downside.
The Nasdaq (COMP.IND) ended lower by 0.56%, the S&P (SP500) slipped 0.28%, and the Dow (DJI) lost 0.05%.
On a sector-by-sector stance, 9 of the eleven S&P sectors rounded out the day in negative trading territory with Real Estate falling the most. The two segments that were able to finish in the green were Consumer Staples and Health Care.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. The Dow is down 0.1%, the S & P 500 is down 0.1% and the Nasdaq is down 0.4%. Crude oil is up 2.4% at more than $73 per barrel. Bitcoin is up 7% and above $45,000.
In the world markets, the FTSE 100 is up 0.1% and the DAX is up 0.4%. Japan (NKY:IND) markets closed. Japan was assessing the damage from a powerful earthquake that struck its central region on New Year’s Day. Japanese markets will reopen on January 4.
The biggest movers for the day premarket: Li Auto (NASDAQ:LI) is down more than 4% despite the reported delivery of 50,353 vehicles for the month of December, reflecting a M/M growth of 22.7% and a Y/Y increase of 137.1%.
On today’s economic calendar:
- 10:00 Construction spending