Stock Market Today: Plug Power Slips as Funding Concerns Offset Hydrogen Gains

Plug Power Inc (NASDAQ: PLUG) closed at $2.83, down 3.41%. Trading volume reached 121 million shares, about 2 times its three-month average of 76 million.

U.S. markets ended slightly higher. The S&P 500 (SNPINDEX:^GSPC) edged up 0.062% to 6,715.35, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 0.39% to 22,844.05.

Among hydrogen energy peers, Bloom Energy Corp (NYSE: BE) fell 2.43% to $88.00, and FuelCell Energy Inc (NASDAQ: FCEL) dipped 0.57% to $8.68.

Plug's decline came amid mixed company and policy developments. The firm recently delivered its first large-scale hydrogen electrolyzer system to a refinery in Portugal and reported strong production at its Georgia plant. It also added a new sales agent to its share-sale program, providing more flexibility to raise funds. At the same time, investor worries deepened after government cuts put roughly $75 million in hydrogen funding at risk, as part of $7.5 billion in energy projects cut following the government shutdown. The Department of Energy said the canceled programs didn't meet long-term national energy needs, adding another challenge to Plug's already capital-intensive growth plans.

Market data sourced from Google Finance and Yahoo! Finance on Thursday, October 2, 2025.

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Daily Stock News has no position in any of the stocks mentioned. This article was generated with GPT-5, OpenAI's large-scale language generation model and has been reviewed by The Motley Fool's AI quality control systems. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.