Why Clean Energy Stocks Plunged on Thursday
Energy stocks across the market are having a rough day, but clean energy stocks have been hit particularly hard. Rising interest rates, a potential recession, and falling oil prices have put pressure on the industry today.
SolarEdge Technologies (NASDAQ: SEDG) fell as much as 5.3% in morning trading but is up 3% at 1:50 p.m. ET, the one big recovery on this list. Bloom Energy (NYSE: BE) dropped 6.7% and is now down 1.5%; Plug Power (NASDAQ: PLUG) declined 6.8% and is now off 2.5%; and Blink Charging (NASDAQ: BLNK) was down 4.9% at its low and is currently down 2.5% for the day.
Today's news isn't company-specific; it's more macro in nature. The biggest news item of the day was St. Louis Fed President James Bullard saying interest rates weren't restrictive enough and short-term rates could rise to between 5% and 7%. The current target rate is 3.75% to 4%, and investors have been hoping that rate increases will slow down after a series of positive inflation reports have come out.
Source Fool.com
