Solar, clean energy stocks rally ahead of Fed decision on interest rates
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Enphase Energy (NASDAQ:ENPH) closed Tuesday’s trading +6.3% as the biggest gainer on the S&P 500, leading a broad advance in solar and clean energy stocks ahead of tomorrow’s interest rate announcement from the Federal Reserve, with investors increasingly hoping for a 50 basis point cut.
A key stumbling block for consumers in deciding whether to add a solar installation to their roofs is cost; most consumers need to finance the initial cost, and lower rates are an important component in that decision.
Other top gainers among solar stocks on Tuesday include Daqo New Energy (DQ) +9.8%, Maxeon Solar Technologies (MAXN) +7.6%, Emeren (SOL) +6.7%, Sunnova Energy (NOVA) +5.5%, Sunrun (RUN) +5%, Array Technologies (ARRY) +3.3%, JinkoSolar (JKS) +2.9%, Canadian Solar (CSIQ) +2.9%, First Solar (FSLR) +2.8%.
Biggest winners among other clean energy groups include FuelCell Energy (FCEL) +11.5%, Plug Power (PLUG) +6.1%, Stem (STEM) +4.3%, Green Plains (GPRE) +3.8%, REX American Resources (REX) +3.4%, Bloom Energy (BE) +3.3%.
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