May 06, 2022 (Stock Market Press via COMTEX) -- It would seem contradictory that consumer spending on leisure travel is robust while at the same time the Dow dropped last evening 1,000+ points as investors feared an inflationary recession -- after the 50 basis points increase in interest rates was announced by the Fed. Despite the fears of stock experts, the economy appears to have room for continued massive consumer spending for luxury travel and leaves open more investment in alternative energy, such as solar and electric vehicles. Solar Integrated Roofing Corp. (OTC PINK: SIRC) is focused on its core business --- solar and EV Charging Stations -- and sees green alternative energy as a strong stock sector.
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Consumer Spending Strong Even As Dow Drops 1,000+ Points Yesterday Meaning Alternative Energy For Solar And Electric Vehicles Thrives; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Green Energy Sectors Such As Solar And EV Charging Stations
Stock investor experts fear an inflationary recession, but The Wall Street Journal reports that consumer spending on luxury items such as vacation travel has overwhelmed resorts, airlines and other related hospitality businesses. After two years of lockdowns, Americans want to spend the money they have saved in recent years on leisure travel.
At the same time, Wall Street investors appeared to have had second thoughts last night about the Fed's 50 basis points rise in interest rates. First, stocks rose two nights ago in relief that the interest rate hike wasn't even higher. Then last night, the Dow dropped 1,000+ points after investors thought about the issue.
Either way, for SIRC it means a continued healthy fiscal appetite for more consumer spending and investing in electric cars and installation of solar rooftop systems. Consumer Spending Strong Even As Dow Drops 1,000+ Points Yesterday Meaning Alternative Energy For Solar And Electric Vehicles Thrives; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Green Energy Sectors Such As Solar And EV Charging Stations.
As long as consumers have economic strength, Solar Integrated Roofing Corp. (OTC PINK: SIRC) remains optimistic about its core businesses in alternative energy. Consumers continue to invest in rooftop solar installations and electric cars, supported by roadside EV Charging Stations installed in part by SIRC subsidiary. PLEMCo.
Solar Integrated Roofing Corp.'s (OTC PINK: SIRC) subsidiary PLEMCo., was one of only 16 companies to receive such an award for a Design and Material only contract to service electric vehicles. Further, SIRC' PLEMCo., is currently applying for a second Electric Vehicle Supply Equipment (EVSE) -- BPA, expected to be awarded in mid-July. That one is for Design, Equipment and installation of EV Chargers.
"This contract further supports our strategic shift towards prioritizing our over $30 million electric vehicle (EV) charging station pipeline and over $20 million EV charging project backlog given the immense near-term opportunities. This will serve to further bolster our position as a clear national player in the space, helping to create sustainable value for our shareholders. We look forward to additional announcements regarding EV Charging opportunities in the months ahead," David Massey, SIRC CEO, said.
As gasoline prices remain stubbornly high, it continues to represent an important incentive to buy electric vehicles in the future. Food, home fuel, housing and cost-of-living expenses are rising faster than some consumers can handle. At 70% of the GDP, consumer spending may be impacted in only certain areas. Banks, credit card companies, food stores and other key retailers have noticed and are concerned about slowdowns in consumer spending habits. Yet, consumers are spending the money they saved during the lockdowns for luxury goods, holiday travel and invest in fiscally-smart alternative energy.
Solar is a proven way to battle high utility grid cost electricity hikes. Electric cars and their supporting EV Charging Stations are a direct way to save on rising fossil fuel energy prices. Those alternative energy sectors appear safe for consumer spending
Fed Chair Jerome Powell, in announcing the 50 basis point increase, said, "Inflation is much too high and we understand the hardship it is causing, and we moving expeditiously to bring it back down. " Consumer Spending Strong Even As Dow Drops 1,000+ Points Yesterday Meaning Alternative Energy For Solar And Electric Vehicles Thrives; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Green Energy Sectors Such As Solar And EV Charging Stations.