The good news: All the drama around the Republican tax and spending bill will soon be over, as the House of Representatives voted 215-214 to push the bill through to the Senate for a final vote that could happen as soon as today.

The bad news: Deep amid the 1,000 pages of legislation and 42 amendments was one key revision. In order to get the bill across the finish line in the House, Congress completely cut clean energy credits.

It’s a serious blow to renewable energy companies, which only a few weeks ago were popping higher on the news that the clean energy credits included in the bill would stick around longer than anticipated. The original language of the bill still cut the credits granted to these companies as part of the Biden Administration’s Inflation Reduction Act, but they would be slowly phased out through the end of 2031. Now, those credits will go the way of the dodo by the end of 2028.

Cloudy with a chance of losses

Those credits were essential to reduce the high costs of rooftop solar panel installation in American homes, and help companies recoup up to 50% of installation costs, according to Barrons. That’s why Sunrun, the biggest rooftop-solar company in the country, plunged 37.05%. Inverter manufacturers Enphase and SolarEdge Technologies crumbled 19.63% and 24.67%, respectively.

Solar projects at the bigger, utility level will be punished as well. The bill also kills the credits for renewable energy power plants that begin construction 60 days after the legislation is enacted or enter service after December 31, 2028, which is why Array lost 3.09% and Nextracker sank 3.13%.

It’s not just solar getting axed today. Wind power projects are losing credits as well, sending shares of NextEra Energy tumbling 6.43% and Vestas 5.22% lower.

And, one ray of hope: The Senate may make further amendments to the bill that reduce today’s carnage to a mere massacre—but with the bill passing in the House by razor-thin margins, don’t bet on senators rocking the boat by standing up for clean energy.—MR

🟢 What’s up

• Nike gained 2.30% on the news that it will begin selling its shoes on Amazon for the first time since 2019.
• Fannie Mae popped 46.73% and Freddie Mac jumped 42.50% on President Trump’s comments that he’s seriously considering bringing the mortgage giants public.
• Advance Auto Parts exploded 57.14% higher after better-than-feared earnings made it clear that its turnaround plan is working.
• Urban Outfitters soared 22.84% after reporting EPS of $1.16 last quarter, far better than the $0.84 per share analysts had forecast.
• Snowflake gained 13.47% thanks to a strong first quarter and management’s expectation that revenue will rise about 25% this quarter.

What’s down

• Walmart lost 0.48% on the news that it will cut 1,500 jobs in a corporate restructuring.
• Analog Devices fell 4.63% even though the semiconductor maker beat Wall Street estimates on both sales and profits last quarter.
• Health insurance stocks took a hit on reports that the US government will conduct “aggressive” Medicare Advantage audits. Humana sank 7.58%, UnitedHealth Group fell 2.08%, and CVS Health dropped 3.06%.

Happy Bitcoin Pizza Day to those who celebrate! Keep Laszlo Hanyecz in your thoughts today: On this day in 2010 he bought two pizzas for 10,000 bitcoin—a hoard that would be worth over $1.1 billion today.

It seems like fate that 15 years later the President of the United States would hold a dinner celebrating the top holders of his own personal cryptocurrency on this most auspicious day. The traders who hold the most $TRUMP coins convene in Washington, DC, tonight to dine with President Trump and toast to their crypto fortunes.

Of course, some have been more fortunate than others. Just before the dinner was announced on April 23, the price of $TRUMP was $9.26. As the Financial Times reported, the price rocketed higher as people bought big to secure a spot at the table—and when the competition closed on May 12, many of those traders dumped the coin. In fact, of the 25 biggest holders who secured a VIP seat and a reception with the president, 16 no longer hold any $TRUMP whatsoever.

Is a presidential memecoin part of the vision Satoshi Nakamoto had for cryptocurrency when he created bitcoin back in 2008? Probably not, but it’s the world we’re living in now.

The vibes right now in an indie stationery store couldn’t be more tense. Small businesses, from perfectly curated consumer-facing shops to niche valve makers you couldn’t name, are not feeling confident right now. Optimism dropped among businesses with fewer than 500 employees in April, according to a National Federation of Independent Business (NFIB) survey released last week.

Every month the NFIB asks small business owners about hard data like job openings and inventory as well as more vibes-based questions like expansion plans. Then, it creates an index to illustrate the economic conditions those businesses are navigating. The results?

• April was the fourth consecutive month of falling optimism, dropping to 95.8. It was also the second month in a row that the index was below the 51-year average of 98.
• More recently, the index has hovered between high 80s to low 90s from mid-2022 to last October. In December, it jumped to a four-year high of 105.1.

One of the biggest forces dragging the mood down since the start of the year is the business owners’ outlook on future business conditions, primarily uncertainty related to tariffs. While the 90-day pause on 145% Chinese import tariffs offered some business owners a chance to exhale, it doesn’t paint a clearer picture on how they can move forward.

A teeny, tiny umbrella

Even though its diversified product offering will likely help it weather the storm, the world’s largest retailer Walmart said last week that it would have to raise some prices due to tariffs. Apple is shifting more iPhone production to India.

While massive publicly traded companies like those are rushing to pivot, tariffs could be deeply detrimental for small businesses with a thinner catalog of products and a margin to match. And even if they could find a supplier in a country without massive tariffs that would take their smaller volume of orders, the uncertainty of trade decisions from President Trump’s desk feels like too much of a risk.

Bottom line: If small businesses struggle, so will the rest of the economy. Not only do these companies make up 43.5% of the US GDP, companies with fewer than 250 employees accounted for nearly 80% of job openings.—MM

• The White House is reportedly considering an executive order forcing the $12.5 trillion retirement investment market to open its doors to private equity.
• Weekly jobless claims came in slightly lower than forecast at 227,000.
• Hong Kong passed a stablecoin bill as it tries to get ahead of the US’ entry into the industry.
• Speaking of crypto, Kraken is launching tokenized stocks and ETFs for non-US investors.
• Existing home sales fell to the lowest level of any April since 2009.
• Mexico’s drug cartels are bad for its bull market.

The week ends on a quiet note tomorrow: There are no major earnings reports, and the only economic data to watch is new home sales from the Census Bureau, so kick off your Memorial Day Weekend a bit early!

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