Why Plug Power Stock Sank Today
Shares of Plug Power (NASDAQ: PLUG) lost ground on Wednesday. The hydrogen fuel-cell company's stock ended the day down 4.5% amid bearish pressures impacting the broader market. The S&P 500 ended the day down 1.8%, and the Nasdaq Composite index closed out the session down 2.6%.
The market's sell-off today seems to have primarily been driven by mounting concerns about the potential impacts of Russia's invasion of Ukraine. With macroeconomic headwinds and rising geopolitical risk factors, growth stocks have generally had a rough go of things early in 2022, and Plug Power's share price has slumped roughly 30% year to date.
Russian President Vladimir Putin ordered troops into the eastern Ukrainian territories of Luhansk and Donetsk on Tuesday, and it remains unclear how the situation will progress. Plug Power's stock had actually been up as much as 3.4% earlier in Wednesday's trading, but investors turned increasingly bearish as the afternoon progressed.
Source Fool.com
