What's Going On With Plug Power Shares

Plug Power Inc PLUG shares are trading lower by 8.80% to $9.64 during Tuesday's session, despite a lack of company-specific news. The stock may be trading lower in sympathy with the broader market as investor's continue to weigh last Wednesday's Fed decision. The Fed paused rate hikes but indicated it sees two more 25-bps hikes this year.

Also, Federal Reserve Chair Jerome Powell is slated to provide testimony before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday, representing his initial congressional appearance since March.

These highly anticipated hearings will afford lawmakers the chance to directly inquire about the Federal Reserve's recent actions and policy determinations...Read More

What Else?

Changes in interest rates can impact the overall business environment and the competitive dynamics within the clean energy sector. If interest rates remain low or rise gradually, it may stimulate economic activity and potentially benefit companies like Plug Power.

However, if interest rates rise rapidly or unexpectedly, it could lead to increased borrowing costs for the company and its competitors, potentially affecting profitability and growth prospects.

According to data from Benzinga Pro, PLUG has a 52-week high of $31.56 and a 52-week low of $7.39.