Shares of several companies in the broader industrial space, including Plug Power Inc (NASDAQ:PLUG), Ideanomics Inc (NASDAQ:IDEX) and Virgin Galactic Holdings Inc (NYSE:SPCE), are trading higher amid overall market strength as investors weigh ceasefire negotiations between Russia and Ukraine.
Shares of several companies in the broader industrial sector are also trading higher as stocks rebound following a steep selloff to start the year, which was driven by concerns of Fed policy tightening going into 2022. A drop in U.S. Treasury yields and a pullback in oil prices Tuesday have also helped lift market sentiment. The drop in U.S. Treasury yields benefits companies such that, when interest rates otherwise rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
Plug Power is trading higher by 3.14% at $28.96
Ideanomics is trading higher by 7.88% at $1.02
Virgin Galactic is trading higher by 11.67% at $10.91
