Key Highlights

● First Solar shares sank on November 9 as lower oil prices weighed on solar stocks.

● It was among the main laggards, alongside Nvidia and Take-Two Interactive.

● Only six S&P 500 stocks posted large declines on the day.

● The S&P 500 jumped 173.08 points to 7,549.94, its best day since April 8.

Down while almost everything was up

First Solar (NASDAQ:FSLR) sank on Monday, November 9, 2026, falling steadily through the morning and into midday, according to news reports, which listed it among the S&P 500's losers. Market data named First Solar as one of the session's main laggards, alongside Nvidia (NASDAQ:NVDA) and Take-Two Interactive (NASDAQ:TTWO). The figures cited were intraday readings, and estimates of the size of the move varied a little by time of day.

The drop was striking because it came against one of the strongest market backdrops in months. The S&P 500 jumped 173.08 points to 7,549.94, its best day since April 8, and 423 index members rose. Steep losses were rare on the day: market data counted just six S&P 500 stocks posting large declines.

The oil connection

Market data attributed the pressure to lower oil prices weighing on energy alternatives. Crude tumbled on hopes of a US-Iran peace deal. Brent fell $5.75 to $92.57 a barrel, according to market coverage, down from more than $112 at the start of November, and US crude settled at $86.85. Oil closed at its lowest level since August, reports said.

One strategist said: "Oil continues to trade lower on hopes of a US-Iran peace deal rather than concrete signs of progress."

The logic investors often apply is straightforward: when fossil fuels get cheaper, the urgency and economic case for alternatives can look less pressing, at least in the short run. Solar stocks have frequently traded in step with energy-security fears, and a possible easing of tensions around the Strait of Hormuz cut against that theme.

What First Solar does

First Solar is the largest US-based maker of solar panels. Unlike most rivals, which use crystalline silicon, it produces thin-film modules based on cadmium telluride, and it manufactures much of its output in the United States. Its customers are mainly utilities and developers building large solar farms.

A mixed picture for clean energy

Other energy-transition names had different days. Enphase Energy (NASDAQ:ENPH) said it has shipped more than 8 million microinverters and about 500 megawatt-hours of batteries from US facilities, and that it began building power modules in Texas for its IQ Solid-State Transformer aimed at AI data centers, according to market reports.

Tesla (NASDAQ:TSLA) confirmed groundbreaking on a roughly $10.1 billion solar cell factory in Fort Bend County, Texas, called Project Crystal Sun, which a Texas Comptroller filing targets to operate by the first quarter of 2029, according to market data. A new large domestic solar manufacturer could eventually add competition in the US market.

Meanwhile, AI power stocks like Constellation Energy (NASDAQ:CEG) soared after strong results, a reminder that electricity Demand from data centers remains a powerful theme even as oil prices fall.

Oil and Policy Shape Solar Outlook

Oil prices and Iran headlines are the immediate swing factor. Talks remain unsettled: reports said that Marco Rubio described some Iranian demands as "outrageous and ridiculous," while President Trump said that renewed strikes were "highly unlikely" if talks progress.

Tuesday's October consumer price index, the last before the Federal Reserve's December 8-9 meeting, will also matter. Traders see a rate hike as likely, and higher rates raise financing costs for solar projects. Investors will also watch for any post-midterm policy signals on clean-energy incentives.