US stocks fall as higher energy prices collide with lowered growth forecasts

US stocks fall as higher energy prices collide with lowered growth forecasts

US stocks closed lower on Monday, erasing early morning gains as investors grapple with a continued rise in inflationary pressures and the outlook for slower economic growth. Energy prices continued their rise, with oil rising to a seven-year high above $80 per barrel as an ongoing supply crunch overseas helps boost prices for both oil and natural gas. Goldman Sachs due to an ongoing economic drag from the COVID-19 delta variant and the global semiconductor crunch. Rising prices and slower economic growth are the necessary ingredients for stagflation, which has historically led to a weak median quarterly S&P 500 return of -2.1%, Crypto mining manufacturer Bitmain said it following the government's crackdown on cryptocurrency mining. Ether co-founder Vitalik Buterin said who support El Salvador's president in forcing businesses to accept the cryptocurrency. CEO Jamie Dimon called bitcoin "worthless" at a conference on Monday and questioned its 21 million fixed supply. after Morgan Stanley initiated the fintech company with an "overweight" rating and said the stock could surge 54% from Friday's close. Wedbush reiterated its , arguing the stock could rise 22% from current levels as it sees increased cyber security spending by the government. said is poised to surge 21%