Solar, alternative energy stocks rebound as banking fears ease
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Solar stocks are tallying notable gains in Tuesday's trading, recovering most of last week's sharp losses stemming from worries that Silicon Valley Bank's bankruptcy could hurt the clean energy industry.
Sentiment has improved this week following the Credit Suisse takeover deal and expectations that the Federal Reserve will slow its pace of rate hike increases; solar investments require high levels of capital investment, so the rate outlook is important to the sector.
SolarEdge Technologies (NASDAQ:SEDG) and Enphase Energy (NASDAQ:ENPH) rank among the top 10 gainers on the S&P, +8.3% and +8.1% respectively.
Other strong gainers include Sunnova Energy (NOVA) +14.7%, Maxeon Solar (MAXN) +13.1%, Sunrun (RUN) +12.6%, JinkoSolar (JKS) +9.4%, Array Technologies (ARRY) +9.3%, SunPower (SPWR) +8%, Emeren (SOL) +4.8%, First Solar (FSLR) +2.6%.
Alternative energy plays also are enjoying gains, including Stem (STEM) +9.3%, Bloom Energy (BE) +7.2%, Ballard Power (BLDP) +6.6%, TPI Composites (TPIC) +6.5%, Plug Power (PLUG) +6.4%, FuelCell Energy (FCEL) +4.3%.
Top lithium producers also sport solid gains, including SQM (SQM) +5.8%, Albemarle (ALB) +4.4%, Livent (LTHM) +2.5%.
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Also helping the group, Canadian Solar (CSIQ) +15.7% in Tuesday's trading after Q4 earnings comfortably beat expectations.