NextEra Energy is sitting today's rally out
The broader market is enjoying tailwinds today, with upbeat retail sales data and better-than-expected producer price index (CPI) and consumer price index (PPI) readings all making investors more confident in the prospect of interest rate cuts and a soft economic landing. Below, let's check how the solar sector is reacting to these headlines.
First Solar Inc (NASDAQ:FSLR) stock is up 3.1% to trade at $232.53 at last check, consolidating above the 20-day moving average after bouncing off the $200 level earlier this month. The shares have distanced themselves from their June 12, 16-year high of $306.78, but still boast a 35.3% year-to-date lead.
Enphase Energy Inc (NASDAQ:ENPH) stock is also surging, last seen up 7.1% to trade at $119.04. The security has been volatile of late, with a rejection at the $123 level resulting in a pullback to $96. ENPH is down 9.6% so far in 2024, but sports a 19.8% quarter-to-date lead.
Last seen down 0.8% to trade at $77.42, NextEra Energy Inc (NYSE:NEE) stock is sitting today's rally out. The equity is cooling from an Aug. 2, 52-week high of $80.56, but a floor seems to be forming at the $76 level. Over the past nine months, NEE added more than 36%.