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 interest rates and 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%.