Tesla (TSLA), Nvidia (NVDA), and Apple (AAPL) — three of the Magnificent Seven tech stocks — have seen huge gains in 2023, riding the waves of various technology and AI trends. But the tech trade is not the only industry that has benefitted this past year. Yahoo Finance Live examines several other outperformers across industries, including cruise operators Royal Caribbean Cruises (RCL) and Carnival Corp. (CCL), and even retail chain Abercrombie & Fitch (ANF). Solar energy stocks disappointed in 2023 as significant players saw big annual losses. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Solar energy stocks have taken a hit in 2023 due to higher interest rates which caused less demand for solar projects from retail consumers. However, the solar sector may still have a bright future ahead of itself in 2024 as rates are expected to come down and green initiatives are adopted. Raymond James Managing Director Pavel Molchanov joins Yahoo Finance to discuss the success solar energy space's outlook. "I know it might seem surprising, but actually the amount of solar installations in 2023 is a record globally, including a record in the United States," Molchanov states. "So it's not a volume problem. It's in some cases more of a margin problem and, of course, for the stocks as distinct from the fundamentals, it's also a question of valuation, right? So stocks can be down even if the fundamental business trends are actually up." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Solar stocks are getting a bid after the Fed signals rate cuts next year.