Solar stocks jump as rate-cut bets firm after CPI report

Sunpower

11/07/2024 15:47

** Shares of solar stocks jump after traders raise bets on
interest rate cut this year after surprise fall in U.S. consumer
prices in June
    ** SolarEdge Technologies  SEDG.O , Sunrun  RUN.O , First
Solar  FSLR.O  and Enphase Energy  ENPH.O  up between 3% and
7.9%
    ** Other solar stocks Sunpower Corp  SPWR.O , Sunnova Energy
 NOVA.N , FTC Solar  FTCI.O  and Canadian Solar  CSIQ.O  rise
between 8% and 10%
    ** Traders are now betting on an 85% chance of a U.S. rate
cut in September, compared with about a 70% chance seen before
the CPI data, which showed consumer prices unexpectedly fell
last month from May
    ** Higher interest rates raise the costs of solar projects,
making it expensive investment for homeowners
    ** Invesco solar ETF  TAN.N  up 4%, paring YTD losses to 19%

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