As the nation readies for President-Elect Donald Trump to sit in the Oval Office for the next four years, specific areas of the stock market are adjusting to the new reality-- in particular the energy stocks.
Given that the billionaire businessman has said global warming is a hoax created by the Chinese, renewable energy stocks were retreating during the trading session Wednesday morning.
The concept of global warming was created by and for the Chinese in order to make U.S. manufacturing non-competitive.— Donald J. Trump (@realDonaldTrump) November 6, 2012
Home solar power companies were under pressure. Sunrun (RUN) was down by 7.4%, Vivint Solar (VSLR) fell by 8.5%. SunPower (SPWR) shares were tanking, dropping by 14.7%, while First Solar (FSLR) stock fell by 4.5%. China-based companies, JA Solar Holdings (JASO) and Trina Solar (TSL) slipped by 4.6% and 2.3%, respectively.
"President-elect Trump has said that America should focus on developing its fossil fuel reserves to achieve energy independence, which may lead to withdrawing the BLM rule, now in litigation, purporting to regulate hydraulic fracturing on federal lands. As well, President-elect Trump has expressed a more favorable attitude towards energy projects such as the Keystone Pipeline," said - Steven L. Leifer, Washington D.C. based Partner & FirmwideEnvironmental Department Chair at law Firm Baker, Boots, said in a statement.