Why FuelCell Energy Shares Are Diving

FuelCell Energy Inc FCEL shares are trading lower amid overall market weakness as stocks continue to sell off following last week’s Fed rate hike decision. A gain in treasury yields has weighed on growth stocks, which has pressured tech and clean energy names.

The Federal Reserve last Wednesday raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years.

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FuelCell designs, manufactures, sells, installs, operates and services fuel cell products, which efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.

According to data from Benzinga Pro, FuelCell Energy has a 52-week high of $12.62 and a 52-week low of $3.40.