Stocks Mixed Ahead of Jobs Data; Bitcoin and Nvidia Rally on AI Craze as Macy's Buyout Battle Heats Up
• US stocks wavered on Monday ahead of Fed Chair Powell's testimony and February jobs data that could test recent equity gains. The S&P 500 fell below flat, the Dow shed 0.2%, the Nasdaq fell 0.4%.
• Bitcoin rose over 7% to top $67,000, coming within striking distance of its November 2021 record high. The recent run-up comes amid a craze over AI and related technologies.
• Nvidia shares jumped 6% to new all-time highs, bringing the chipmaker's market cap to $2 trillion. Nvidia has been a major driver of the ongoing AI stock frenzy.
• The EU fined Apple $2 billion over App Store restrictions, while the company braces for an impending US antitrust lawsuit from the Justice Department.
• Macy's stock rallied after private equity firms Arkhouse and Brigade upped their buyout bid to $6.6 billion, intensifying an ongoing takeover battle.