Shares of several companies in the broader industrial sector, including Plug Power Inc (NASDAQ:PLUG), are trading higher as stocks rebound following a steep selloff in the month of January, which was driven by concerns of Fed policy tightening going into 2022.
Plug Power shares are otherwise trading lower by 25% in January. The clean energy manufacturing sector saw marked strength in 2021. The sector benefited after the U.S. House of Representatives in November passed a $1.2 trillion infrastructure bill, which includes $7.5 billion of funding to create a nationwide network of EV charging stations. The sector experienced a selloff going into the new year as concerns over Fed tightening policy weighed on growth stock valuations.
