Why Plug Power Stock Slumped 10% Today
New inflation data has the stock market showing red today. But it was especially bad news for some companies, and Plug Power (NASDAQ: PLUG) is one of them. That's why Plug shares plunged as much as 10.7% Tuesday morning. As of 11:30 a.m. ET, Plug Power shares remained down by 9.7%.
Today's action reverses what had been a nice upswing in Plug Power stock. Over the last month, shares in the hydrogen fuel company have moved higher by almost 20%, even with today's decline.
The Consumer Price Index (CPI) data released today indicated higher inflation sticking around longer than many investors and economists have predicted. Many thought the Federal Reserve would begin a cycle of lowering interest rates early this year, but that is now doubtful. In fact, today's data has some thinking rates may stay higher well into 2024 before the Fed takes any action to lower them.
Source Fool.com
