Stock market today: US stocks close mixed as investors await this week's Fed testimony

• Stocks ended mixed on Monday as investors looked ahead to Jerome Powell's testimony this week.
• Fed policy will also be informed by the latest jobs data, set for release on Friday.
• Nvidia and Super Micro Computer rose over 3% and 19% on Monday.

US stocks were mixed on Monday, with limited upside for the S&P 500 and Nasdaq. It's a marked slowdown from last week's record-setting rally, as investors hold back ahead of key central bank commentary. 

Federal Reserve Chairman Jerome Powell is set to testify before Congress on Wednesday and Thursday. Though markets still expect interest rate cuts to start in June, his comments could clarify where monetary policy is headed.

"While a lot of economists are expecting Chair Powell to reiterate many of his comments that he made at the end of the January Fed meeting, there's always the potential some surprises which could lead to some volatility," Commonwealth Financial Network Director of Fixed Income Sam Millete said. 

Alongside Powell, this week will also feature other Fed speakers. That includes Philadelphia Fed President Tom Harker on Monday and presidents Neel Kashkari and Loretta Mester later in the week.  

Policy will further be informed by the upcoming February nonfarm payrolls report, scheduled for release on Friday. Estimates are for 210,000 jobs gained last month, compared to 353,000 in January. 

While broader market moves were muted on Monday, tech stocks continued their upswing. Chipmakers Nvidia and Super Micro Computer led with gains of over 3% and 19%, respectively.

Here's where US indexes stood at the 4:00 p.m. closing bell on Monday: 

• S&P 500: 5,130.95, down 0.12% 
• Dow Jones Industrial Average: 38,989.83, down 0.25% (-97.55 points)
• Nasdaq Composite: 16,207.51, down 0.41% 

Here's what else is going on: 

• Bitcoin is rocketing towards its all-time high. Here's a breakdown of what's behind the surge.
• The next CPI report could trigger the next big sell-off, Fundstrat said.
• A CryptoPunk NFT just sold for around $16 million.
• Belief that the AI industry will stay unregulated is fueling the tech rally, Ken Rogoff wrote.
• Apple's stock shed after the EU issued it a $2 billion antitrust fine.
• The biggest market risk is an economy that won't slow down, Nouriel Roubini says. 

In commodities, bonds, and crypto: 

• Oil prices rose, with West Texas Intermediate dropped 1.5% to $78.78 a barrel. Brent crude, the international benchmark, fell 0.85% to $82.84 a barrel.
• Gold rose 1.4% to $2,125.90 per ounce.
• The 10-year Treasury yield climbed three basis points to 4.217%.
• Bitcoin gained 7% to $67,583.