2024-03-15 17:32:08 ET
Solar energy stocks had another rough week as interest rate fears and new investor lawsuits came to light.
According to data provided by S&P Global Market Intelligence , SunPower (NASDAQ: SPWR) was down by as much as 13.2% this week, Sunrun (NASDAQ: RUN) dropped by as much as 25.4%, and Sunnova Energy (NYSE: NOVA) was off by 19.1% at its low point. Those stocks closed the week down by 6.6%, 21.3%, and 16.4%, respectively.
The biggest factor hitting solar energy stocks this week was the rise in interest rates. Over the past month, the 1-year U.S. Treasury bond rate has increased from 4.23% to 4.31%. That rise in the market rate was driven by a higher-than-expected inflation reading for February, which made investors think the Federal Reserve will keep its benchmark federal funds rate higher for longer than previously expected.
For further details see:
Why Solar Energy Stocks Cratered Again This Week