US stock futures fell on Monday, halting a record-setting rise as investors braced for a week in which Federal Reserve Chair Jerome Powell’s speech and the monthly employment report might put market gains to the test.
The S&P 500 (^GSPC) futures fell roughly 0.1% on Friday, following its 16th weekly victory in 18 weeks. Futures on the Dow Jones Industrial Average (^DJI) dipped around 0.3%, while those on the tech-heavy Nasdaq 100 (^NDX) were mostly unchanged.
The Nasdaq Composite (^IXIC) reached a new all-time high after years of waiting, thanks to a surge in tech stocks driven by AI. That tech boom, especially Nvidia’s (NVDA) rapid ascent to a $2 trillion value, has inspired
On Monday, bitcoin (BTC-USD) achieved a new high of $65,000, while Japan’s Nikkei 225 stock index (^N225) broke above the 40,000 threshold for the first time.
When Fed Chairman Powell speaks and the February jobs figures are released, the high hopes and hoopla may be dashed. Both will influence interest-rate decreases and offer insight on whether the US economy is on track for a “soft landing” or stagflationary conditions. Powell is scheduled to testify before Congress beginning Wednesday, and the labour data is due on Friday.
Meanwhile, in a blow to Big Tech, EU antitrust officials penalised Apple (AAPL) over $2 billion for App Store limitations on Spotify (SPOT) and other music streaming services. Apple shares fell in response to the news.
Among the biggest moves, Macy’s (M) shares rose more than 16% after bidders Arkhouse and Brigade increased their acquisition offer to $6.6 billion, a 33% premium to Friday’s close. Shares of Super Micro Computer (SMCI) rose 16% ahead of the AI server maker’s debut on the S&P 500.