⁠Wall St Engine
SOLAR STOCKS DROP as House passes Trump’s tax bill, which ends the 30% rooftop solar credit.

The bill makes 2017 tax cuts permanent, adds new breaks—but kills key green energy subsidies, including the 30% rooftop solar credit.

$FSLR, $ENPH, $RUN
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JAPAN ECON MINISTER AKAZAWA: NO CHANGE TO JAPAN'S STANCE OF DEMANDING AN ELIMINATION OF U.S. TARIFFS
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MIKE JOHNSON REITERATES TAX BILL WILL BE DONE BY JULY 4
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FED'S WALLER: FED WON'T BUY BONDS IN PRIMARY AUCTIONS
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⁠Wall St Engine
FED'S WALLER :

IF TARIFFS SETTLE DOWN FED COULD BE IN POSITION TO CUT IN LATER PART OF YEAR; IF TARIFFS ARE CLOSER TO 10% THEN ECONOMY IN GOOD SHAPE FOR 2H
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⁠Wall St Engine
US-30Y Yield at Highest Level Seen Since Oct. 2023 https://t.co/5utBHQ3Ns9
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BMO calls the House bill "negative overall for utility scale solar (NXT, $ENPH, $SEDG)" vs. the prior draft due to a hard 2028 phaseout of 48E/45Y credits. But since there are "no changes to 45X and AD/CVD," $FSLR stays advantaged.
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⁠Wall St Engine
Piper Sandler says “all eyes are on Austin” ahead of Tesla’s upcoming robo-taxi launch. While TSLA’s recent 44% rally is mostly multiple expansion — now trading at ~165x ‘25 EPS — they still call $TSLA a “once-in-a-generation disruptor” and stay firmly Overweight with a $400 PT.
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⁠Wall St Engine
JPM says the updated House bill is a bigger negative than expected for clean energy. Ending transferability means companies like $FSLR may need to use “direct pay” to claim 45X credits, which delays monetization. While 45X stays intact, weaker demand could trim its full potential. Still, FSLR looks best positioned, with ~60% of its earnings over the next two years tied to 45X.
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⁠Wall St Engine
Immediate repeal of credit transferability is a big deal for solar industry. JPM notes about half of the ~$40B U.S. tax equity market relies on transfer/hybrid structures. This move could severely disrupt project financing pipelines and delay new deployments, at least in the near term.

Because of the compressed deadlines (60-day safe harbor and YE’28 PIS requirement), JPM expects a short-term spike in orders as developers scramble to qualify projects. This could temporarily benefit manufacturers and EPCs, though it may front-load demand at the cost of medium-term visibility.
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Trump: Great job by Speaker Johnson & the House Leadership & thank you to every Republican who voted YES on this Historic Bill! Now, it’s time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE! There is no time to waste. https://t.co/vOundnK1JO
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⁠Wall St Engine
US JOBLESS CLAIMS 227,000 IN MAY 17 WEEK; EST. 230K
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THE U.S. GOVERNMENT WILL STOP PUTTING NEW PENNIES INTO CIRCULATION BY EARLY NEXT YEAR- WSJ
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⁠Wall St Engine
Affirm $AFRM is expanding its exclusive partnership with KAYAK into Canada, just in time for peak summer travel. Canadian users can now split the cost of flights, hotels, and rentals into monthly payments through Affirm on ca. KAYAK .com. No hidden fees, just flexible travel payments.
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⁠Wall St Engine
S&P 500 Opening Bell Heatmap (May 22, 2025)

$SPY flat ⬜
$QQQ +0.19% 🟩
$DJI -0.19% 🟥
$IWM -0.42% 🟥
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⁠Wall St Engine
S&P Global PMI Flash:

Composite PMI: 52.1 (vs. 50.3 forecast, 50.6 prior)

Manufacturing PMI: 52.3 (vs. 49.9 forecast, 50.2 prior)

Services PMI: 52.3 (vs. 51.0 forecast, 50.8 prior)
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⁠Wall St Engine
Kraken's bringing tokenized U.S. stocks like $AAPL, $TSLA, and $NVDA to global users—launching soon in Europe, LatAm, Asia, and Africa. These “xStocks” will trade 24/7 on Solana, backed 1:1 by real shares. Not for U.S. users. Over 50 names coming, incl. SPY & GLD.
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