Plug Power fell 5% and Bloom Energy fell 8%, impacted by the 10-year U.S. Treasury yield approaching a 52-week high.
Hydrogen and fuel cell stocks generally fell on Tuesday morning as the 10-year U.S. government bond yield rose to 4.728%, approaching its 52-week high of 4.747%. Plug Power (NASDAQ:PLUG) fell 5% to $2.17, and Bloom Energy (NYSE:BE) dropped 8% to $214.44. These companies rely on financing to build factories and long-term projects, so rising interest rates compress their valuations and increase borrowing costs.
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