Why ChargePoint Holdings and Renewable Energy Stocks Popped Tuesday Afternoon
Shares of renewable energy stocks were on fire Tuesday as the market digested earnings and interest rates plunged for the first time in a while. A combination of reasonable earnings in the third quarter and slowing inflation is proving to be a positive environment for stocks as investors project what the Federal Reserve will do with interest rates.
Shares of energy stocks were up across the board on Tuesday, but some of the big movers were ChargePoint Holdings (NYSE: CHPT), jumping as much as 9%; Bloom Energy (NYSE: BE), popping 9.7%; and QuantumScape (NYSE: QS), rising 14.5%. As of 2:15 p.m. ET, shares of the three companies were up 8.1%, 6.7%, and 12.7%, respectively.
The market has been worried about inflation leading to higher interest rates, which would then likely lead to a recession. This is why the stock market has fallen dramatically over the past year as interest rates have risen.
Source Fool.com
