Why Plug Power Stock Crashed Today
Shares of Plug Power (NASDAQ: PLUG) tumbled on Friday, trading 4.7% lower as of 12:30 p.m. ET. Shares of the hydrogen fuel cell maker have been under considerable pressure over the past month, especially after its business update.
With Plug Power's earnings date now inching closer, investors are getting even more jittery even as higher-than-expected inflation and fears of a recession hit growth stocks today.
Friday crushed investors' hopes about inflation in the U.S. slowing down after the Federal Reserve's preferred inflation gauge, the Personal Consumer Expenditures price index -- which excludes volatile food and energy prices -- surged in January. This stoked fears of more interest rate hikes and a recession in the U.S., sending stocks across sectors down today.
Source Fool.com
