Stock Track | Canadian Solar Tumbles as Trump Win Raises Clean Energy Concerns

Stock Track2024-11-06

Shares of Canadian Solar Inc. (CSIQ) plunged over 17% in pre-market trading on Wednesday, following Donald Trump's victory in the U.S. presidential election. The renewable energy sector saw a broad selloff as investors feared Trump's presidency could derail progress in clean energy initiatives.

The market is concerned that the new Trump administration, along with a Republican-controlled Congress, may weaken support for the solar industry and potentially repeal the Inflation Reduction Act, which provided tax credits that benefited clean energy stocks. Trump has previously expressed skepticism towards renewable energy sources like solar and wind, and his previous term saw the dismantling of several major climate policies and environmental regulations.

Other solar and clean energy stocks, including First Solar (FSLR), Enphase Energy (ENPH), Sunrun (RUN), and SolarEdge Technologies (SEDG), also saw significant declines in pre-market trading, reflecting broader industry concerns. However, Trump has also stated that he is "a big fan of solar," leaving some uncertainty around his administration's stance on the sector.

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