Solar stocks plunge as Manchin nixes new climate spending in economic plan
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Solar stocks are sharply lower in the pre-market Friday after Sen. Joe Manchin reportedly told Democratic leaders he would not support an economic package that includes tax increases or new spending on climate measures.
Manchin and Senate Majority Leader Chuck Schumer had been negotiating over hundreds of billions in spending on climate change measures, including some tax breaks for renewable energy, electric vehicles and other clean power sources.
Solar names are all indicated sharply lower: (FSLR) -4.1%, (SPWR) -6.2%, (ENPH) -5.4%, (SEDG) -2.6%, (RUN) -8.9%, (JKS) -3.5%, (CSIQ) -4%, (ARRY) -7.6%, (SHLS) -6.2%, (MAXN) -4.7%, (NOVA) -6.8%, (DQ) -4.4%, (SOL) -2%.
Other clean energy stocks also show losses: (PLUG) -4.6%, (FCEL) -2.9%, (BE) -5.9%, (BLDP) -1.9%.
Potentially relevant ETFs include (NYSEARCA:TAN), (FAN), (NASDAQ:ICLN), (NASDAQ:QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)
The International Energy Agency warned in a recent report that China will soon produce 95% of the world's solar supply chain.