Solar stocks down on broader market sell-off

Sunpower

05/08/2024 14:58

** Shares of solar companies fall on fears of the United
States tipping into recession following weak economic data last
week that rippled through global markets  .N 
    ** "The fact that interest rates are coming down is
definitely helpful for the solar industry's cost of capital, but
it is not enough to counteract what's happening in the broader
market", said Raymond James analyst Pavel Molchanov
    ** Benchmark 10-year note yields  US10YT=RR  dropped to its
lowest since June 2023  US/ 
    ** Sunnova  NOVA.N  dips 8.5%, Sunrun  RUN.O  falls 6.9%,
SolarEdge Technologies  SEDG.O  loses 3.3%, and Emeren Group
 SOL.N  drops 4.8%
    ** SunPower  SPWR.O  falls as much as 8.7%
    ** Invesco Solar ETF  TAN.P  dips 4.7%

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))