BE - Why Renewable Energy Stocks Moved Higher on Tuesday
The market has shrugged off any worries about inflation or an economic slowdown today. The S&P 500 is up 2.6% as of this writing and the Nasdaq Composite is up 2.9%. Not surprisingly, highly volatile renewable energy stocks have been rising with them.
Sunrun (NASDAQ: RUN) jumped as much as 10% in trading today, Bloom Energy (NYSE: BE) was up 6.4%, and Lordstown Motors (NASDAQ: RIDE) gained 7.1%. At 2:50 p.m. ET, shares were up 6.7%, 4.4%, and 4.1% respectively.
There are a number of factors impacting the energy industry specifically today. One is the increase in oil prices, which has seen West Texas Intermediate crude jump 3.5% to $86.47, Brent crude increase 3.3% to $91.82, and natural gas spike 5.8% to $6.85 per million British thermal units (a unit of measurement for natural gas) in the U.S. In Europe, natural prices fell as much as 10%, which could ease some of the economic impact of energy disruptions caused by Russia's invasion of Ukraine.
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Why Renewable Energy Stocks Moved Higher on Tuesday