Solar stocks trading higher following last night’s presidential debate
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First Solar (NASDAQ:FSLR) and Enphase Energy (ENPH) rank among the five biggest gainers on the S&P 500 Wednesday, +9.6% and +3.6% respectively, as the consensus thinking believes Vice President Harris came out stronger from last night’s debate with former President Trump.
Also among other solar stocks: Sunrun (RUN) +7.1%, SolarEdge Technologies (SEDG) +5.3%, Canadian Solar (CSIQ) +8.3%, Sunnova Energy (NOVA) +4.7%, Shoals Technologies (SHLS) +8.4%, Array Technologies (ARRY) +8.6%, Nextracker (NXT) +6.2%, Maxeon Solar Technologies (MAXN) +4.5%, Fluence Energy (FLNC) +6.9%, JinkoSolar (JKS) +2.2%, Daqo New Energy (DQ) +3.4%.
In Europe, Vestas Wind Systems (OTCPK:VWDRY) and Orsted (OTCPK:DNNGY) both rise ~4%.
Investors believe a Harris win would benefit clean energy stocks, which have received tax credits through Biden administration’s Inflation Reduction Act; Harris also repeated that she would not ban fracking if she becomes president.
Trump slammed the Biden administration’s energy policy, saying if Harris wins in November that “fossil fuel will be dead” and the U.S. would “go back to windmills and we’ll go back to solar, where they need a whole desert to get some energy to come out, but he added “by the way, I’m a big fan of solar.”
“We expect a near-term bounce towards Vice President Harris following the first debate with former President Trump, but the longer-term impact remains unclear,” Raymond James analyst Ed Mills wrote.