First Solar Tumbles 4.74% to Become Worst S&P 500 Stock as Post-Election Solar Rally Fades

First Solar fell 4.74% on November 9, making it the worst performer in the S&P 500 on a day when the broader index surged 2.35% and 419 of 495 members closed higher. The selloff came just days after the stock soared on Democratic Party victories in last week's elections, with analysts now questioning whether that enthusiasm moved too fast ahead of the fundamentals.

Analysts note that while First Solar stands as the cleanest domestic play among solar stocks, manufacturing in the United States and standing to benefit most if policy favors domestic production, meaningful policy support is not guaranteed even under a Democratic Congress. Key risks flagged by Wall Street include the pace and cost of the data center buildout, project financing conditions, and the broader timeline for translating political wins into legislative action.

William Blair analyst Jed Dorsheimer noted that Democrats swept the midterms, winning both chambers of Congress and flipping five governorships, calling First Solar a standout beneficiary, but the stock's sharp reversal suggests investors are reassessing how quickly those benefits will materialize. ETF flows offered a partial offset, with funds buying a net $10.9 million of First Solar shares on the prior Thursday, led by the solar-focused TAN fund at $7.1 million.