03 Oct, 23

Hawkish Fed Triggers Renewable Stock Drop Despite Biden’s Backing

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Renewable energy stocks have badly underperformed their fossil fuel peers and the broader market in the current year, with the selloff accelerating in recent months thanks to higher interest rates and a hawkish Fed outweighing considerable backing by the Biden administration.  The iShares Global Clean Energy ETF (NASDAQ:ICLN), the world’s largest green energy ETF and a catch-all bet on clean energy, has crashed nearly 30% over the past two months, much steeper than the 6% decline by the S&P 500 over the timeframe.…

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