How the Fed Pumped Solar Energy Stocks Today

The solar market got a huge boost from the Federal Reserve today after the central bank decided to keep short-term interest rates flat and gave a very bullish outlook for 2024.

Solar energy stocks have been among the fastest to react because lower rates will have a direct impact on volume and margins in 2024. At the end of the trading day, shares of SunPower (NASDAQ: SPWR) were up 17.8%, Sunrun (NASDAQ: RUN) was up 19.7%, and Sunnova Energy (NYSE: NOVA) jumped 15.4%. Suppliers to the solar market were also up with Enphase Energy (NASDAQ: ENPH) rising 7.8% and SolarEdge Technologies (NASDAQ: SEDG) climbing 8.4%.