Shares of Canadian Solar Inc. (CSIQ) witnessed a staggering 8.26% plunge on November 6, 2024, as the renewable energy sector faced a broad selloff in the wake of Donald Trump's victory in the 2024 U.S. presidential election.
The market reacted negatively to Trump's win, raising concerns that his administration, along with a Republican-controlled Congress, could derail progress in clean energy initiatives and weaken support for the solar industry. Investors fear that the new administration may potentially repeal the Inflation Reduction Act, which provided tax credits that benefited clean energy stocks like Canadian Solar.
Trump has previously expressed skepticism towards renewable energy sources like solar and wind power, and his previous term saw the dismantling of several major climate policies and environmental regulations. These concerns about potential policy changes under a Trump administration that could negatively impact the solar industry seem to have fueled market jitters and contributed to the sharp decline in Canadian Solar's stock price.
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