Why Enphase Energy Stock Is Soaring Today

Why Enphase Energy Stock Is Soaring Today

Enphase Energy ENPH shares are trading about 7.5% higher at $209.52 per share on Monday. The stock may be rebounding after dipping following Friday news Joe Manchin would not support an economic package that contains new spending on climate change. President Biden also said he would still aim to move forward to climate change efforts.

The strength is possibly also in sympathy with the broader market following better-than-expected second-quarter earnings from Goldman Sachs, which has lifted market sentiment at large going into the earnings season.

Markets also continue to assess inflation concerns and Fed policy outlook. Heightened U.S. inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth.

Worse-than-expected June CPI data reported last week has caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.

According to data from Benzinga Pro, Enphase Energy has a 52-week high of $282.46 and a 52-week low of $113.40.

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