Clean Energy Stocks, ETFs Rise After Manchin Package Announced
Clean-energy shares soared early Thursday after Sen. Joe Manchin agreed to back a roughly $370 billion climate and energy spending package that would include tax credits for electric vehicles, renewable energy projects and clean hydrogen.
- The $iShares Global Clean Energy ETF (ICLN.US)$ added about 5.2%, extending a recent recovery as traders anticipate the Federal Reserve will begin cutting interest rates next year following recent rate hikes.
- Solar and hydrogen stocks that are seen as particularly sensitive to changes in tax credits and incentives such as $Sunnova Energy International (NOVA.US)$ and $Plug Power (PLUG.US)$ surged more than 20%. Electric-vehicle charging firms $ChargePoint (CHPT.US)$ added about 12%.
- The recent recovery has lifted several clean-energy ETFs. Through Wednesday's close, the iShares Global Clean Energy exchange-traded fund was up 6.9% over the last three months, while the $Invesco Solar ETF (TAN.US)$ was up 20% and the $First Trust Nasdaq Clean Edge Green Energy Index Fund (QCLN.US)$ was up 9%. The $S&P 500 Index (.SPX.US)$ declined 3.8% over the same period. $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$
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