Solar stocks down on possibility of higher-for-longer interest rates

SunPower

10/04/2024 17:36

** Shares of solar companies fall as traders brace for
higher-for-longer U.S. interest rates after hot inflation report
    ** SolarEdge Technologies  SEDG.O , Sunrun  RUN.O , First
Solar  FSLR.O  and Enphase Energy  ENPH.O  drop between 3.4% and
8.4%
    ** Other solar stocks Sunpower Corp  SPWR.O , Sunnova Energy
 NOVA.N , FTC Solar  FTCI.O  and Canadian Solar  CSIQ.O  drop
between 4.8% and 13.6%
    ** Hotter than expected U.S. inflation data cast doubt on
the prospects of the first interest rate cut in June by Federal
Reserve 
    ** Higher interest rates raise the costs of solar projects,
making it expensive investment for homeowners
    ** Invesco solar ETF  TAN.N  drops 4%, taking YTD losses to
18%

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))