S&P 500, Nasdaq fall from records, bitcoin rises to new highs

US equities fell Monday as investors prepared for Federal Reserve Chair Jerome Powell's speech and the monthly jobs report, which could challenge equity gains.

The S&P 500 (^GSPC) closed below the flatline after achieving its 16th weekly win in 18 weeks on Friday. Dow Jones Industrial Average (0.2% decrease) The Nasdaq Composite (^IXIC) declined 0.4% due to Apple (AAPL) and Tesla (TSLA) share drops.

The Nasdaq Composite (^IXIC) reached a new all-time high last week after a protracted wait due to a persistent AI-driven run-up in technologies.

The tech surge and Nvidia's (NVDA) rapid ascent to $2 trillion have raised concerns about a growing bubble, but some analysts are less concerned. The chipmaker's shares climbed 6% to record highs on Monday.

On Monday, bitcoin (BTC-USD) climbed over 7% to $67,000, nearing a new high, while Japan's Nikkei 225 stock index (^N225) crossed the 40,000 barrier for the first time. April contracts concluded at a record $2126.3 per ounce, lifting gold futures (GC=F).

High anticipation and enthusiasm may be dashed when Fed Chair Powell speaks and February jobs data arrives. Both will affect interest rate decreases and whether the US economy will have a "soft landing" or stagflation. Powell will testify before Congress on Wednesday, and labor data is expected Friday.

Apple received a $2 billion fine from EU antitrust regulators for App Store limitations on Spotify (SPOT) and other music streaming services. Apple shares fell 2.5% after the news.

SMCI shares rose 25% to a new all-time high on Monday ahead of the AI server maker's S&P 500 debut. Arkhouse and Brigade boosted their acquisition offer to $6.6 billion, 33% higher than Friday's closing price, sending Macy's (M) stock up 14%.

Spirit Airlines (SAVE) shares plunged more than 10% while JetBlue stock (JBLU) climbed as much as 5% after the low-cost airlines terminated their $3.8 billion merger. A federal judge stopped the deal in January.

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