Thomas Hayes, chairman of Great Hill Capital, spoke about how long stock prices will continue to rise after Trump's election victory over Bernie & Company.
Shares of multiple renewable energy companies fell on Wednesday after Donald Trump was declared the winner of the presidential election and given a second term in the White House.
Solar companies were particularly hard hit, with Enphase Energy plummeting more than 18% and First Solar plummeting more than 12%. Brookfield Renewable Partners fell more than 8%.
Renewable energy stocks fell Wednesday morning after President-elect Donald Trump's victory, which promised to roll back the Biden administration's far-reaching environmental policies. (Karol Serewis/SOPA Images/LightRocket via Getty Images / Getty Images)
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| ENPH | Enphase Energy Co., Ltd. | 74.23 | -15.71 |
-17.47% |
| FSLR | First Solar Co., Ltd. | 191.94 | -23.95 |
-11.10% |
| BEP | Brookfield Renewable Partners LP | June 25th | -1.77 |
-6.60% |
Shares in European clean energy groups also fell on Wednesday. Orsted, the world's largest offshore wind developer, fell as much as 14%, while wind turbine manufacturers Vestas and Nordex fell about 11% and 7.6% respectively.
Meanwhile, on Wednesday morning, the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite Index all hit new intraday highs.
Trump's decisive victory over Vice President Kamala Harris was a blow to the Biden-Harris administration's environmental policies, which have significantly increased government spending on clean energy alternatives.
Dow up 1,000 points with President Trump winning the White House
Biden's signature Inflation Control Act of 2022 (IRA) invests $369 billion in what Democrats have dubbed “energy security and climate change” provisions that will reduce carbon emissions by 2030. That amounts to billions of dollars in incentives and tax breaks aimed at reducing taxes by 40%.
Trump, meanwhile, welcomed the U.S. fossil fuel industry and promised “drill, baby, drill.” The president-elect vowed on his first day in office to eliminate offshore wind energy projects through executive order and roll back climate change regulations put in place under the Biden administration.
Donald gestures next to his wife Melania Trump, son Barron Trump and Republican vice presidential candidate J.D. Vance after receiving early results of the 2024 U.S. presidential election at the West Palm Beach County Convention Center.・President-elect Trump. (Reuters)
“Significant changes may be possible, but it is up to Congress to completely abolish IRAs,” Deutsche Bank said in a note to customers following Trump's victory.
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Phil Flynn, senior market analyst at Price Futures Group and FOX Business contributor, also heavily criticized Biden's policies in Wednesday morning's Energy Daily, suggesting that President Trump will bring major changes to the energy landscape. denounced.
President Joe Biden points at Vice President and Democratic presidential candidate Kamala Harris at Prince George's Community College on August 15, 2024 in Largo, Maryland. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images/Getty Images)
“President Trump will reverse many of Biden's short-sighted executive orders on energy that have fueled inflation and caused major concerns for U.S. oil and gas producers,” Flynn said. “Biden's policies have been a dismal failure when it comes to improving the environment. We've seen billions of dollars in wasted government spending, yet the administration has failed to substantially meet its climate pledges. I've seen it.
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Flynn added: “While the outlook for U.S. oil and gas is looking good again, we remain vulnerable to potential supply strains, in part due to the Biden administration's curbs on oil and gas projects. We have to face it,” he added.
Reuters contributed to this report.
