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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