MAXN - Why Renewable Energy Stocks Jumped Today
2023-11-02 12:40:53 ET
Renewable energy stocks are up sharply Thursday as investors speculate that interest rate increases will at least pause for a while after yesterday's Federal Reserve meeting. Short-term rates were kept flat for a second straight meeting at 5.25% to 5.5%. There's speculation that December's meeting will keep rates the same as well as the economy absorbs higher rates.
The big reaction for renewable energy companies comes because many have dropped dramatically as rates have risen. The most notable moves today were Sunnova Energy (NYSE: NOVA) jumping as much as 14.1%, Maxeon Solar (NASDAQ: MAXN) popping 12.3%, ChargePoint (NYSE: CHPT) gaining 14.3%, FuelCell Energy (NASDAQ: FCEL) gaining 11.5%, and Plug Power (NASDAQ: PLUG) up 9.9% at its peak.
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Why Renewable Energy Stocks Jumped Today