As expected, President Trump will today announce that the U.S. will join Nicaragua and Syria as the only countries to not participate in the Paris Climate agreement Thursday, leading to record highs across the U.S.' major markets.
The Dow Jones Industrial Average jumped about 20 points in the 3 p.m. hour during the President's speech, closing at a record high of 21,142.81. It was the first time the Dow had a record high since March 1. The S&P and Nasdaq also closed trading at record highs.
The agreement was ratified by 195 countries, including the U.S. during President Barack Obama's time in office, but President Donald Trump's uncertainty about the causes and effects of climate change have threatened to undo the agreement altogether due to the United States' outsized influence, energy consumption and carbon footprint.
There will be winners and losers based on the U.S. position on cutting carbon emissions. Here is how a few of those names are faring Thursday afternoon just before the president's announcement:
First Solar (FSLR) and SunPower (SPWR) shares have been volatile all day but began to trend lower as the President's 3 p.m. EST announcement approached. First Solar was in the red following the announcement and SunPower was trading at $7.94 after peaking at $8.20 per share earlier in the day.
Coal plays are expected to benefit from Trump's decision to exit the Paris Climate agreement, and some of the stocks in the sector responded in kind.