Plug Power Inc (NASDAQ:PLUG) 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 stocks in growth sectors, pressuring technology and clean energy vehicle names that saw strength in 2021.
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.
Traders and investors will also be watching for Plug Power's first-quarter earnings report, which is confirmed for Monday's after-hours session.
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Plug Power is an innovator of modern hydrogen and fuel cell technology.
According to data from Benzinga Pro, Plug Power has a 52-week high of $46.50 and a 52-week low of $16.55.
