Fossil fuels industry groups led Wednesday's stock market action as the S&P 500 and the Nasdaq hit record highs. President Donald Trump's "Big Beautiful Bill," which includes support for the fossil fuel industry while doing away with renewable energy incentives, passed a Senate vote on Wednesday. It faces a House vote today ahead of a July 4 deadline set by the President.
Metallurgical coal play Ramaco Resources soared more than 20% in Wednesday's stock market. It continued to move slightly higher prior to the opening bell for Thursday's shortened stock market trading session.
Meanwhile, fossil fuels peers Warrior Met Coal and Alpha Metallurgical Resources both advanced more than 13% on Wednesday. Core Natural Resources jumped 12.2% and Peabody Energy gained 11.4% in Wednesday's stock market.
Most of the coal mining stocks rebounded in early April but have since traded mostly sideways. Ramaco is the exception, ending Wednesday 90% above an April low.
Among oil drillers, Seadrill, Precision Drilling and Nabors Industries all moved around 6% higher Wednesday.
Transocean advanced 5.3% in stock market trade on Wednesday.
Drilling stocks have advanced, after reversing an eight-month slide in April. NobleE has bounced 62%, Valaris has a 67% gain off its April low. Valaris has the largest year to date gain in the group: up 2.7%.
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Investors can keep tabs on the IBD Leaderboard watchlist, the IBD 50 list of top growth stocks and IBD SwingTrader along with the IBD Sector Leaders list.
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As coal and oil drillers moved higher, nonfossil fuels stocks were mixed. Solar stocks initially cratered late in June after it was made clear the Senate version of Trump's spending and tax plan kept a full phaseout of solar and wind energy tax credits by 2028.
Sunrun moved less than 1% higher before Thursday's stock market open after declining around 0.6% on Wednesday.
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SolarEdge Technologies surged nearly 8% on Wednesday but was poised to retreat slightly on Thursday. Meanwhile, First Solar jumped 4.6% in Wednesday's stock market and galloped nearly 4% higher early Thursday.
Nextera Energy edged down a fraction on Wednesday while Enphase Energy edged up around 0.2%.
Please follow Kit Norton on X @KitNorton for more coverage.
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