Why Bloom Energy Shares Were Down Monday

Along with much of the market, shares of Bloom Energy (NYSE: BE) are taking a hit today. Bloom stock was down 8.2% as of 12:56 p.m. ET, near its lows of the day. Ironically, the only company-specific news today was seemingly very positive. But more macro trends were taking precedence in investors' minds today.

The overall market is shunning more risky high-growth stocks in the recent sell-off. Alternative energy stocks like Bloom Energy fall into that category. And that sector is also feeling the impact from news over the weekend that President Joe Biden's proposed Build Back Better spending package will likely fail to pass. At least in its current form, Sen. Joe Manchin said he won't provide his needed support for the bill that includes $555 billion for renewable energy and clean transportation incentives to address climate change over the next decade.

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