Crypto stocks surged on Monday as bitcoin broke through a new 2-year high, sparking excitement in the market. Meanwhile, Apple faced a setback after being fined more than €1.8 billion by the European Commission over its “abusive” app store rules for music streamers.
The European Commission justified the hefty fine by stating that it was necessary to deter Apple from repeating similar infringements and to prevent other companies of a similar size from committing the same violations. In response, Apple defended its position, claiming that the decision was made without credible evidence of consumer harm and disregarded the competitive nature of the market.
On the other hand, Super Micro Computer and Deckers Outdoor experienced a significant boost in their stock prices after being added to the S&P 500 index. This move came as Whirlpool and Zion Bancorp were shifted to the S&P MidCap 400 index.
While the stock market saw positive movements, some indexes have yet to reach all-time highs, signaling a potential bull move. The S&P 500 Equal Weighted Index, Russell 2000 Index, S&P Mid Cap 400, Dow Jones Transportation Average, and Dow Jones Utilities Average are among the indexes that have not yet confirmed a bull trend.
In Asia, Japan’s Nikkei 225 breached the 40,000 mark for the first time, continuing its record-breaking rally fueled by strong earnings and government measures. Meanwhile, South Korea reported a decline in factory output for the second consecutive month, while retail sales showed growth in January.
Amidst the global market fluctuations, an investor group raised its bid to acquire Macy’s by nearly $1 billion, aiming to provide more value to shareholders. U.S. stock futures remained relatively stable on Sunday following a record-setting week for the Nasdaq Composite, with stocks closing in the green on Friday.
Overall, the market landscape remains dynamic and full of opportunities for investors as various factors continue to influence stock prices and market trends.
