MAXN - Why Renewable Energy Stocks Plunged on Wednesday
2024-01-03 17:17:56 ET
The stock market is having a rough start to 2024, and that's causing the renewable energy industry to give back a lot of what was gained late in 2023. Today, stocks dropped because the Federal Reserve's meeting minutes from December were released and weren't as rosy as the market thought.
Shares of renewable energy asset owner NextEra Energy Partners (NYSE: NEP) fell as much as 5%, SunPower (NASDAQ: SPWR) fell 11.5%, and Maxeon Solar Technologies (NASDAQ: MAXN) dropped 10.1%. At the market close, shares were down 2.8%, 7.8%, and 5.6%, respectively.
After the Federal Reserve's December meeting, investors began speculating on when the central bank would start cutting interest rates. The timeline seemed to move up and there was bullishness about what that would mean for the stock market and renewable energy stocks in particular.
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Why Renewable Energy Stocks Plunged on Wednesday