The S&P 500 fell below the flat line, the Dow Jones Industrial Average fell 0.2% and the Nasdaq Composite fell 0.4%

US stocks closed lower Monday as investors await a week of Federal Reserve Chairman Jerome Powell’s testimony that the monthly jobs report could put stock market gains to the test.

The S&P 500 fell below the flat line after Friday’s 16th weekly loss in 18 weeks. The Dow Jones Industrial Average fell 0.2%. The Nasdaq Composite fell 0.4% as declines in shares of Apple and Tesla weighed on the tech index.

Businesses are gaining ground amid a relentless AI boom in the tech sector, which helped the Nasdaq Composite finally hit a new all-time high after waiting a year last week.

The tech boom, and especially Nvidia’s meteoric rise to a $2 trillion valuation, has fuelled concerns that a bubble is forming – although some analysts are not concerned. Shares of the chipmaker rose 6% to a new all-time high during Monday’s session.

Also on Monday, bitcoin (BTC-USD) rose more than 7% above $67,000 as the crypto currency neared a record high, while Japan’s Nikkei 225 stock index broke the key level of 40,000 for the first time. Gold futures edged higher after the April contract ended at a record high of $2,126.3 an ounce.

A number of facts may be waiting for us in the face of great hope and hype, when the Fed’s Powell speaks and the February jobs data arrives. Both will play a role in reducing interest rates and help determine whether the US economy is headed for a “soft recession” or stagflation. Powell is expected to testify before Congress on Wednesday, while jobs data is expected on Friday.

In a boost to Big Tech, EU antitrust regulators fined Apple up to $2 billion for App Store restrictions on Spotify and other music streaming services. Apple shares fell 2.5% after the news.

Among the big players, shares of Super Micro Computer rose as much as 25% on Monday ahead of the AI ​​server maker’s entry on the S&P 500.

Macy’s stock jumped about 14% after bidders Arkhouse and Brigade increased their bids to $6.6 billion, up 33% from Friday’s close.

Spirit Airlines shares fell more than 10% and JetBlue shares rose 5% after the low-cost carrier announced the termination of a $3.8 billion contract deal. A federal judge blocked the deal in January.