Solar stock slump post Biden-Trump debate on Nasdaq, FSLR impacted.

By Oliver Townsend Jun 28, 2024
First Solar, clean energy stocks slump after Biden-Trump debate (NASDAQ:FSLR).jpegOrginal image from: https://seekingalpha.com/news/4120788-first-solar-clean-energy-stocks-slump-after-biden-trump-debate

After the recent presidential debate between Biden and Trump, clean energy stocks experienced a significant slump. This downturn in the market followed a lackluster performance by President Biden, causing investors to potentially anticipate a victory for Trump. Among the companies hit hard by this market shift was First Solar (NASDAQ: FSLR), which had been considered one of the major beneficiaries of the Biden administration’s climate subsidies. The stock plummeted by 9.8%, making it one of the biggest losers on the S&P 500.

Clean Energy Stock Decline: Impact of the Debate

The aftermath of the Biden-Trump debate had a notable effect on various clean energy stocks, with many companies experiencing substantial losses. AES Corp. (AES) saw a decline of 7.9%, while Enphase Energy (ENPH) dropped by 5.2%. Other significant losers on the S&P 500 included Quanta Services (PWR) with a 4.6% decrease and NextEra Energy (NEE) with a 3.9% drop. The market reaction highlighted the sensitivity of clean energy stocks to political events and policy changes.

Solar Stocks and Alternative Energy Names

Within the solar industry, companies like Maxeon Solar (MAXN) faced a substantial decrease of 23.8%, while Sunnova Energy (NOVA) and Sunrun (RUN) fell by 14.3% and 10.6% respectively. Canadian Solar (CSIQ), JinkoSolar (JKS), and Array Technologies (ARRY) also experienced declines of 4.8%, 3.5%, and 3.2% respectively. In the alternative energy sector, TPI Composites (TPIC) saw an 8% decrease, followed by Bloom Energy (BE) at 6.1% and Plug Power (PLUG) at 5.3%. Stem (STEM) and Clean Energy Fuels (CLNE) were also impacted, with drops of 3.5% and 3.2% respectively.

ETFs and Market Implications

Exchange-traded funds (ETFs) related to energy and clean technology were not immune to the market downturn. ETFs such as XLE, TAN, FAN, ICLN, QCLN, PBW, PBD, ACES, CNRG, and ERTH all experienced losses following the debate. The impact on these ETFs underscored the broader implications of political events on the renewable energy sector and the importance of policy decisions on market dynamics.

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