Plug Power Inc (NASDAQ:PLUG) shares are trading higher by 33% over the past week, lifted by a favorable macroeconomic shift and growing optimism for the hydrogen sector. The stock’s ascent has coincided with the Global X Hydrogen ETF (NASDAQ:HYDR), of which Plug Power is a major holding, touching a new 52-week high Thursday morning.
What To Know: A key catalyst for the rally is the Federal Reserve’s interest rate cut Wednesday. This monetary easing is particularly beneficial for growth-oriented technology companies like Plug Power. As a leader in the capital-intensive hydrogen fuel cell industry, Plug relies heavily on financing to fund research, development and expansion.
