Out with renewables, in with crypto.
That was the financial market’s initial reaction to the victory by President-elect Donald Trump, who bashed solar and wind energy while touting power-hungry cryptocurrencies on the campaign trail.
Shares tumbled 13 percent or more for residential solar installer SunRun, solar manufacturer Enphase Energy and wind turbine producer Vestas Wind Systems on Wednesday. The decline came as the value of crypto trading platform Coinbase Global soared by more than 26 percent, along with bitcoin producers Cipher Mining and Riot Platforms.
The stock market gyrations showed how traders were evaluating the potential financial implications of Trump’s deregulatory agenda on fossil fuels and other industries. Republicans also claimed control of the Senate and are poised to hold the House.
