Stocks Tumble Amid Debate Fallout
Following a tumultuous presidential debate, the stock market witnessed a widespread decline in clean energy shares, hinting at an emerging optimism for Donald Trump among investors after President Biden faced considerable criticism for his debate performance.
First Solar Takes a Blow
First Solar (NASDAQ:FSLR), once heralded as a primary beneficiary of the Biden administration’s environmental initiatives, experienced a notable setback, emerging as the second-largest loser on the S&P 500, with a significant drop of -9.8%.
Broad Impact on the S&P 500
Joining First Solar in the ranks of the top 10 losers on the S&P 500 were AES Corp. (AES) with a drop of -7.9%, Enphase Energy (ENPH) -5.2%, Quanta Services (PWR) -4.6%, and NextEra Energy (NEE) -3.9%.
Decline in Solar Stocks
Within the solar sector, a similar downward trend prevailed. Maxeon Solar (MAXN) bore the brunt, experiencing a substantial decrease of -23.8%, followed by Sunnova Energy (NOVA) -14.3%, Sunrun (RUN) -10.6%, Canadian Solar (CSIQ) -4.8%, JinkoSolar (JKS) -3.5%, and Array Technologies (ARRY) -3.2%.
Impact on Alternative Energy Names
Companies within the alternative energy space were not spared either, with TPI Composites (TPIC) declining by -8%, Bloom Energy (BE) by -6.1%, Plug Power (PLUG) by -5.3%, Stem (STEM) by -3.5%, and Clean Energy Fuels (CLNE) by -3.2%.
ETF Fallout
Even ETFs felt the heat, with XLE, TAN, FAN, ICLN, QCLN, PBW, PBD, ACES, CNRG, ERTH, and SMOG all experiencing negative impacts in the aftermath of the debate.