Renewable Stocks Dive as Trump Re-Elected

Donald Trump's re-election has caused a significant decline in renewable energy stocks, with major companies like Orsted and Enphase Energy experiencing sharp drops. Trump has vowed to end offshore wind farms and reverse Biden-era climate policies, signaling a shift towards fossil fuels. The market reaction reflects fears over the potential dismantling of the Inflation Reduction Act (IRA), which has been instrumental in promoting clean energy through tax incentives. Despite Trump's intentions, the repeal of the IRA would require congressional approval, and the Republican party's control of Congress will be pivotal in determining the extent of changes Trump can implement. Meanwhile, traditional market indices like the Dow Jones and S&P 500 have soared, contrasting with the renewable sector's downturn.