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Matt Phillips5/19/25

It’s a cloudy day for solar stocks, as clean energy tax credits are threatened

The overall market is down only slightly, but several solar-related names were among the day’s worst performers midday, after GOP lawmakers in the House of Representatives said they intend to axe clean energy tax credits more quickly than planned.

House Republicans have looked for areas to cut in order to offset the extensions of large income tax cuts first passed under President Trump in 2017, and the addition of new tax cuts on tips and overtime pay.

Climate-related policies championed by Democrats seem likely to be on the chopping block, which is being reflected in today’s trading.

First Solar, renewable-heavy power generation company AES Corp., and solar microinverter maker Enphase Energy top the list of the day’s decliners at noon. Not to be forgotten, of course, is Tesla, which has a solar arm and is also reliant on the electric vehicle tax credits that would be abolished under the bill House Republicans just pushed out of committee.

Solar Companies Slump as GOP Targets Earlier End to Tax Credits

Solar Companies Slump as GOP Targets Earlier End to Tax Credits

Climate-related policies championed by Democrats seem likely to be on the chopping block, which is being reflected in today’s trading.

First Solar, renewable-heavy power generation company AES Corp., and solar microinverter maker Enphase Energy top the list of the day’s decliners at noon. Not to be forgotten, of course, is Tesla, which has a solar arm and is also reliant on the electric vehicle tax credits that would be abolished under the bill House Republicans just pushed out of committee.

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Tasha Matsumoto

Stocks continue to climb on hopes of an end to the war

Stocks rallied and oil fell as traders digested comments from President Trump.

Sunset Bull

1970s Disco Ball Vibes

Matt Phillips4h

markets

SpaceX reportedly files confidentially for IPO

SpaceX confidentially filed its draft IPO paperwork with the Securities and Exchange Commission, Bloomberg reports, citing people familiar with the matter, the next step toward what is expected to be a blockbuster summer listing.

Elon Musk’s satellite and rocket company could raise around $75 billion in an IPO that would value it at more than $1.75 trillion — both records — though the exact amounts won’t be settled until it goes public, likely in June.

Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

SpaceX Has Filed Confidentially for IPO Ahead of AI Rivals

Elon Musk’s SpaceX to Combine with xAI Ahead of Mega IPO

Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

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Matt Phillips7h

Energy stocks tumble after massive March

Energy and chemical stocks tumbled early Wednesday on growing expectations that the US participation in the Iran war is nearing an end, and West Texas Intermediate crude oil futures slipped back below $100 a barrel.

LyondellBasell, APA Corporation, Dow, Inc., CF Industries, and Marathon Petroleum — the S&P 500’s top 5 gainers last month — all sank.

Natural gas drillers EOG Resources, Devon Energy, Coterra Energy, and Diamondback Energy dropped, as did integrated oil giants Exxon and Chevron. Fuel refiners and marketers such as Phillips 66 and Valero also fell.

Don’t shed too many tears for these energy giants; the S&P 500 energy sector rose 10% in March and 37% in Q1 2026.

The Energy Select Sector SPDR Fund is coming off its second-best quarter on record relative to the SPDR S&P 500 ETF, based on data going back to 1999.

Max Knoblauch8h

Nio, Li Auto rise as Q1 delivery totals beat internal guidance

China’s EV startup trio — Nio, Li Auto, and XPeng — are all climbing on Wednesday, following the release of March and first-quarter delivery totals.

Nio delivered 83,465 vehicles in the three months that ended in March, up 99% from the same quarter a year ago and slightly beating the upper end of its guidance. Li Auto delivered 95,142 vehicles in the period, up 2.5% and ahead of its guidance range. The figure was bolstered by 12% growth in March deliveries.

XPeng, on the other hand, saw Q1 deliveries drop 33% year over year to 62,682 vehicles — the company’s first quarterly drop since 2023. Shares are still up as of 10 a.m. ET on Wednesday, as the automaker’s March deliveries were up 80% from February’s total.

BYD is down more than 2% on Wednesday, as the automaker posted its seventh consecutive month of sales declines. First-quarter sales fell 30% year over year, Reuters reported.

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