Great Hill Capital Chairman Thomas Hayes discusses how long the stock market rally will last after Trump’s election victory at Varney & Co.
Shares of many renewable energy companies traded lower on Wednesday after Donald Trump was declared the winner of the presidential election, giving him a second term in the White House.
Solar companies were the hardest hit, with Enphase Energy down more than 18% and First Solar down more than 12%. Brookfield Renewable Partners fell more than 8%.
Renewable energy stocks were hit Wednesday morning following the victory of President-elect Trump, who vowed to reverse the Biden administration’s agenda. (Photos by Karol Serewis/SOPA/LightRocket via Getty Images/Getty Images)
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| ENPH | Company ENPHASE ENERGY INC. | 74.93 | -15.01 |
-16.69% |
| FSLR | FIRST SOLAR INC. | 191.89 | -24.00 |
-11.12% |
| BEP | BROOKFIELD RENEWABLE PARTNERS LP | 25.31 | -1.52 |
-5.67% |
Shares in European clean energy groups fell on Wednesday, too. The world’s largest offshore wind developer, Orsted, fell 14 percent, while wind turbine makers Vestas and Nordex traded up about 11 percent and 7.6 percent, respectively.
Meanwhile, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all rose to record highs on Wednesday morning.
Trump’s decisive victory over Vice President Kamala Harris was a blow to the green agenda of the Biden-Harris administration, which has dramatically increased government spending on clean energy alternatives.
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Biden’s signature 2022 Inflation Reduction Act (IRA) invested $369 billion in what Democrats call “Energy Security and Climate Change” provisions, translating into billions of dollars in incentives and tax breaks aimed at reducing emissions. of carbon by 40% by 2030.
Trump, on the other hand, has promised to “drill, baby, drill,” embracing America’s fossil fuel industry. The president-elect vowed to scrap offshore wind projects with an executive order on his first day in office and roll back climate regulations implemented under Biden.
President-elect Donald Trump shakes hands with his wife Melania Trump, his son Barron Trump and Republican vice presidential nominee JD Vance, following the initial results of the 2024 US presidential election at the Palm Beach County Convention Center, West. (Reuters)
After Trump’s victory, Deutsche Bank wrote a note to clients, “The complete repeal of the IRA will depend on Congress, although major changes may be possible.”
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Price Futures Group senior market analyst and FOX Business contributor Phil Flynn also suggested in his daily energy report Wednesday morning that Trump will bring major changes to the energy landscape, and blasted Biden’s policies.
President Joe Biden points to Vice President and Democratic presidential candidate Kamala Harris at Prince George’s Community College in Largo, Maryland, on Aug. 15, 2024. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images / Getty Images)
“President Trump will rescind many of Biden’s summary orders on energy to help fuel inflation and cause serious concern for American oil and gas producers,” Flynn wrote. “Biden’s policies have been a colossal failure to improve the environment. We’ve seen billions of dollars in government waste but we’ve seen the administration’s failure to make any real progress on their climate promises.”
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Flynn added, “And while the outlook for U.S. oil and gas will be positive again, we still face potential cuts that come in part from the Biden administration’s disillusionment with oil and gas projects.”
Reuters contributed to this report.
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