Plug Power Inc(NASDAQ:PLUG) shares are trading higher by 9.23% to $2.13 Tuesday afternoon. The stock appears to be surging higher amid a broader market reaction to the latestProducer Price Index (PPI)report.

The PPI figures released showed a lower-than-expected increase, fueling investor optimism for a more aggressiveFederal Reserveinterest rate cut next month, which in turn has buoyed stocks across various sectors.

This slower pace of inflation has led to heightened expectations of a substantial Federal Reserve rate cut in September, as market-implied probabilities for a 50-basis-point reduction have risen to 55%.

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