Why Plug Power Stock Is Plummeting Today
Plug Power (NASDAQ: PLUG) stock is seeing big sell-offs in Wednesday's trading. The hydrogen power specialist's share price was down 12.4% as of 1 p.m. ET amid a 0.4% decline for the S 500 index and a 0.7% pullback for the Nasdaq Composite index. The company's share price had been down as much as 10.8% earlier in the day's trading.
The broader market is facing bearish pressures today following reports that President-elect Donald Trump could declare a national economic emergency in order to enact his desired tariff policies. In addition to causing investors to become more risk-averse and assign lower valuation multiples, Plug Power's business could also face significant headwinds from the tariffs.
Trump is reportedly looking to move rapidly to implement his tariff agenda when he enters office later this month. Trump is said to be considering declaring a national economic emergency in order to use import management powers granted to the president through the International Economic Emergency Powers Act.
Source Fool.com
