BE - Why Plug Power Bloom Energy and Hyzon Motors Stocks Sold Off Today
Although stocks across many sectors were hit today as the broader markets plummeted, companies from high-potential industries that are in their early stages of growth were among the hardest hit. Case in point: hydrogen stocks . At their lowest points through 1 p.m. ET on Tuesday, Plug Power (NASDAQ: PLUG) had shed 6.7%, Bloom Energy (NYSE: BE) 7.5%, and Hyzon Motors (NASDAQ: HYZN) 4.9%.
Investors dumped these stocks after the latest economic data refueled fears of an economic slowdown that could force these companies to cut back on their plans.
Although economists expected inflation in the U.S. to drop by 10 basis points in August versus July in what would have been the first signs of inflation cooling down, the latest data from the Bureau of Labor Statistics poured cold water on their hopes. The August Consumer Price Index (CPI) ticked 10 basis points higher, and although inflation dropped year over year, it was still worryingly high at 8.3%.
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Why Plug Power, Bloom Energy, and Hyzon Motors Stocks Sold Off Today