Stocks fell on Monday, resuming last week’s declines as investors’ concerns around rising inflation persisted.
The Dow was off by about 0.2% by market close, and the S&P 500 also declined. The Nasdaq extended losses after the index fell for a fourth straight week last week, as technology and growth stocks gave back more gains amid jitters over rising rates.
Bitcoin prices (BTC-USD) fell to sink below $45,000 even after Tesla CEO Elon Musk said the company had not sold any of its holdings of the cryptocurrency, after an earlier Twitter exchange appeared to imply an intent to sell.
Stocks are coming into this week on the heels of a choppy period of trading last week, which saw the three major indexes pull back sharply as new data on consumer and producer price changes came in higher than expected. Supply chain bottlenecks across industries have weighed on producers’ abilities to keep up with surging demand as the economy emerges from the pandemic, stoking concerns of even higher prices. And new FactSet data showed the most companies have cited “inflation” on their latest quarterly earnings calls since at least 2010.