Why Plug Power And FuelCell Energy Shares Are Getting Hammered Today

Plug Power Inc PLUG and FuelCell Energy Inc FCEL shares are trading lower by 6.78% to $18.43 and 7.18% to $4.01, respectively. Shares of several companies in the broader industrials sector are trading lower amid concerns of slowing economic activity. Fed tightening policy and a resurgence in China COVID-19 cases have pressured the economic outlook.

Traders and investors will also be watching for CPI data Wednesday. Morningstar reported the analyst consensus expects CPI to come in at elevated levels at 8.8%, which is slightly higher than the 8.6% reading in May. Stocks across sectors fell in June amid overall market weakness after CPI data showed prices rose in May. Rising inflation has caused concerns about a slowdown in economic activity, which could impact the sector.

In June, according to the Bureau of Labor Statistics, the all-items CPI figure increased 8.6% for the 12 months ending May, the largest 12-month increase since the period ending December 1981.