STEM - Why Is STEM Stock Up 23% Today?
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Stem (NYSE:STEM) stock is rising higher on Thursday as news about the Inflation Reduction Act of 2022 is giving it a boost.
The news behind STEM stock’s increase is Sen. Joe Manchin accepting the bill. Manchin had been a holdout with his swing vote keeping the legislation from approval in the Senate. With his support, the bill is likely to pass a vote in the Senate next week.
Once the bill is through the Senate, it will go to the House of Representatives for another vote. That branch of the U.S. Government is under the control of the Democrats. That means it’s likely to get approval. After that, it will need approval from President Joe Biden to become law.
How Does That Affect STEM Stock?
So why does this matter to STEM stock? The Inflation Reduction Act of 2022 includes several benefits for green energy companies and it seeks to tackle climate change. Among that is additional funding for green energy companies.
Stem fits the category of a green energy company with its AI-enabled smart energy storage. This allows it to create and sell battery storage systems that can be used in a variety of ways.
Today’s news has STEM stock seeing heavy trading with some 5 million shares on the move. For comparison, the company’s stock has a daily average trading volume of about 3.8 million shares.
STEM stock is up 22.6% as of Thursday afternoon.
There’s more stock market news for traders to dive into below!
We’ve got all the hottest stock news investors need to know about for Thursday! That includes other stocks affected by the Inflation Reduction Act of 2022. Among them are solar stocks, hydrogen stocks, and electric vehicle (EV) stocks. You can catch up on all of that news at the following links!
More Thursday Stock Market News
- Why Are Solar Stocks FSLR, SEDG, ENPH, RUN Up Today?
- Why Are Hydrogen Stocks PLUG, FCEL, BE Heating Up Today?
- Nikola (NKLA) Stock Gains on Inflation Reduction Act News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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