Solar stocks could rebound in the second half of 2024 after taking a beating this year, though the industry's recovery depends largely on whether the Federal Reserve raises interest rates again. The battered industry rallied Tuesday after U.S. inflation cooled in October and Treasury yields fell in response. Traders have taken further rate hikes almost completely off the table, which bodes well for the solar sector heading into next year.
The Invesco Solar ETF (TAN) , which tracks the industry, surged 10.5% Tuesday. The inverter manufacturers Enphase and SolarEdge jumped about 16.3% and 10.8%, respectively. The installers SunPower , Sunnova and Sunrun surged 15.2%, 16% and 18.9%. Panel manufacturer First Solar , which stands out for delivering solid performance this year, rallied 11.4%. The rally comes as the residential solar industry looks toward the end of a rough year, with demand softening significantly as repeated rate hikes made installations unattractive for consumer
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How to invest in 2024: Goldman’s take on stocks and bondsThe Fed's higher-for-longer interest-rate policy will continue next year.
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