NOVA - Why ChargePoint SunPower and Sunnova Energy Stocks All Popped Today
2024-06-12 13:52:24 ET
New inflation data came out Wednesday, and the news is good for stock investors, particularly for those holding highly-shorted green energy momentum stocks in particular. According to the U.S. Department of Labor, the Consumer Price Index was unchanged between April and May, which cooled down the annual inflation rate to 3.3%, a reduction of 10 basis points .
That means inflation is going down (for now), and it means momentum stocks are going up (for now). Through 1 p.m. ET today, shares of SunPower (NASDAQ: SPWR) are up 1.1%, ChargePoint Holdings (NYSE: CHPT) gained 2.5%, and Sunnova Energy International (NYSE: NOVA) raced ahead with a 10.8% increase.
What do a residential solar-power company, an electric-car charging company, and a distributed energy specialist have in common? All three are renewable energy stocks tied to the ongoing green energy revolution. According to a report earlier this week from S&P Global Market Intelligence , all three are also among the 10 most-shorted stocks in the market.
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Why ChargePoint, SunPower, and Sunnova Energy Stocks All Popped Today