Ryan Stancil,
Editor
June 25, 2022
Consumer Spending Cutback
If you’ve been cutting back on goods and services, you aren’t alone. Recent data shows that Americans are spending less on things like flights, home repair, and other services. Not only is spending on big-ticket items down, but people are also dining out less, getting fewer haircuts, and hiring housekeeping services less.
Two-thirds of the US economy is consumer spending, so this slowdown is likely a sign of things to come. People aren’t optimistic about the economy amidst rising prices and uncertainty. It’s a slow but certain decline that’s only just beginning. As consumer sentiment continues to sour and account balances continue to drain, protecting what wealth you have will be one of the most important things you can do over the next few months.
Texas Gets Serious About EVs
Texas recently announced a five-year plan to build a network of charging stations to support million electric vehicles throughout the state. The Texas Department of Transportation said its plan will start with main corridors and interstate highways before expanding to more rural areas. They want drivers to be able to have access to charging stations every 50-70 miles. While fewer than 1% of the cars registered in Texas right now are EVs, that number is only going to climb over the next few years. This plan is a small part of a larger trend to overhaul the country’s infrastructure, and it’s a plan that can make early investors rich.
eBay Gets Into the NFT Game
E-commerce giant eBay has recently acquired the NFT marketplace KnownOrigin for an undisclosed amount. This comes shortly after eBay began allowing NFT sales on its site and puts the company in a position to capitalize on this fast-growing market. The collectibles market has surged over the past few years and doesn’t show any signs of slowing down. This move allows eBay to expand its already massive business and make further inroads into a sector that, while still relatively new, has been gaining attention. It shows that, regardless of what investors are saying in the mainstream, digital assets are here to stay.
What’s In a Name?
Branding is everything. Nuclear power is coming, but it might not be under the name you’re expecting. Joe Dominguez, CEO of Constellation Energy, recently said that the company is beginning to transition its nuclear sites into versatile “Clean Energy Centers”. He was speaking to a crowd of energy and climate leaders about the role nuclear energy will play in providing secure, emissions-free energy. He also used the time to talk up new technologies that will help decarbonize the US economy alongside nuclear power.
As nuclear power catches on, one of its biggest hurdles will be overcoming the stigmas attached to its safety. Rebranding efforts like this could be one step towards getting more of the public to accept nuclear power, especially as leaders try to get away from uranium supplied by Russia. Uranium miners and explorers only stand to benefit from this change.
What To Look Out For
- Signs that we’re in a recession are going to become harder to ignore. Expect higher prices and dwindling account balances for the time being.
- Speaking of money trouble, stories are coming out of China about bank runs and people having trouble getting cash. China is the world’s second-largest economy and if issues like this persist, it could ripple across the world economy. These kinds of problems don’t happen in a vacuum.
- The G7 Leaders’ Summit runs from June 26 to June 28, and leaders there are sure to discuss clean energy while they meet. These seven countries — Canada, France, Germany, Italy, Japan, the UK, and the US — have made a commitment to mostly decarbonize electricity by 2035. That could lead to more commitments relating to nuclear power and renewables.
Ryan Stancil
Editor, Daily Profit Cycle