Stock Market Today, Sept. 1: Stocks Slide and Oil Surges Amid U.S.-Iran Tension
The Nasdaq Composite (NASDAQINDEX:^IXIC) fell 1.03% to 26,100, the Dow Jones Industrial Average (DJINDICES:^DJI) dropped 0.79% to 52,767, and the S&P 500 (SNPINDEX:^GSPC) slipped 0.70% to 7,633 as tech weakness and rising yields pressured benchmarks.
On September 1, Fervo Energy's stock surged by 28% following the announcement of a significant 396-megawatt power purchase agreement with Alphabet's Google. The company's shares closed at $19.75, a substantial increase from its previous trading price. Pre-market, Fervo Energy confirmed the deal, which will provide the enhanced geothermal power developer with a reliable customer base for years to come. Investors are closely monitoring the company's next quarter earnings and project milestones.
The stock saw an extraordinary trading volume of 35.0M shares, approximately 851% higher than its three-month average of 3.7M shares. Fervo Energy, an IPO company from 2026, has experienced a 46% decline since going public. Comparatively, the S&P 500 closed at 7,633, down 0.70%, while the Nasdaq Composite finished at 26,100, down 1.03%.
In the utility-scale geothermal power generation and geothermal technology sectors, Ormat Technologies and NextEra Energy also showed positive movements. Ormat Technologies rose 5.23% to $107.33, while NextEra Energy increased by 0.69% to $82.91. The heightened interest in clean-power names connected to data-center demand was evident in these movements.
Fervo Energy's share surge was attributed to the major 396-MW purchase agreement with Google, providing the company with a strong revenue outlook. Google has the option to expand the deal by 600 MW, potentially reaching nearly 1 GW by 2030.
Written by urgent.news from Motley Fool's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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