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Sparks

How Energy Transition Stocks Fared During the Market Rout

There were a lot of tariff losers, but only one tariff winner.

A graph puncturing solar panels.
Heatmap Illustration/Getty Images

The U.S. stock market has taken its worst hit this week since March 2020, with the S&P 500 falling over 10% in just two days, while the tech-heavy Nasdaq is down 22% from its all-time high in December. The tremendous decline in stock values is a reflection of Donald Trump’s chaotic attempt at reordering the global economy, wrenching America’s average effective tariff rate to the highest level since 1909 — four years before the establishment of the federal income tax.

The clean energy economy has not been spared, although the effect has hardly been uniform. Some of the highest flying companies of 2024 and early this year — think Tesla or anyone selling power to a data center — have been some of the hardest hit, while some companies closer to the residential solar market have held their own.

Here’s a look at how some of these companies have performed over the past two days:

  • GE Vernova ⬇️ 18%
  • Sunrun ⬆️ 3%
  • Vistra ⬇️ 23%
  • NextEra ⬇️ 5%
  • Orsted ⬇️ 9%
  • EDP Renewables ⬇️ 5%
  • Brookfield Renewable Partners ⬇️ 9%
  • Enphase ⬇️ 8%
  • Constellation Energy ⬇️ 20%
  • Tesla ⬇️ 15%
  • First Solar ⬇️ 1%
  • Rivian ⬇️ 10%
  • Entergy ⬇️ 9%

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Sparks

The First Sign the U.S. Oil and Gas Sector Is Pulling Back

Three weeks after “Liberation Day,” Matador Resources says it’s adjusting its ambitions for the year.

Money and an oil rig.
Heatmap Illustration/Getty Images

America’s oil and gas industry is beginning to pull back on investments in the face of tariffs and immense oil price instability — or at least one oil and gas company is.

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Trump’s Lawyers Told a Judge They Think They’ll Lose Their Own Lawsuit

The Department of Justice included a memo in a court filing that tears down the administration’s own case against New York’s congestion pricing.

Sean Duffy.
Heatmap Illustration/Getty Images, Library of Congress

Secretary Duffy, you have no case.

That was the gist of a memo Department of Justice lawyers sent to the Department of Transportation regarding its attempt to shut down New York City’s congestion pricing program. The letter was uploaded mistakenly on Wednesday into the court record for the Metropolitan Transportation Authority’s lawsuit challenging Duffy’s actions. Oops.

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Gargantuan Solar Project in Nevada Appears to Be Moving Forward

The Esmeralda 7 project is another sign that Trump’s solar freeze is over.

Solar panels.
Heatmap Illustration/Getty Images

The Esmeralda 7 solar project, a collection of proposed solar farms and batteries that would encompass tens of thousands of acres of federal public lands in western Nevada, appears to be moving towards the end of its federal permitting process.

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