Wall Street followed European markets into negative territory on Monday, and U.S. Treasury yields edged higher as investors awaited key jobs data and Federal Reserve Chair Jerome Powell’s congressional testimony later in the week. Bitcoin was in focus as it approached its first record high since November 2021.

The major U.S. equity indexes showed modest declines following Friday’s record-setting rally. Investors seemed cautious ahead of Powell’s testimony, the European Central Bank’s policy decision, and the Labor Department’s crucial February jobs report.

The Dow Jones Industrial Average fell 0.23% to 38,996.54, the S&P 500 lost 0.03% to 5,135.52, and the Nasdaq Composite dropped 0.15% to 16,250.78.

In Europe, the STOXX 600 index reversed gains, losing 0.19%. MSCI’s global stock gauge gained 0.03%, and emerging market stocks rose 0.59%. In Asia, MSCI’s Asia-Pacific index closed 0.63% higher, and Japan’s Nikkei rose 0.50%.

Bitcoin surged to a more than two-year peak, approaching its first record high since November 2021. It was up 5.7% at $66,185.

The dollar was essentially unchanged against a basket of currencies, and U.S. Treasury yields edged higher ahead of central bank activities and economic indicators.

Oil prices reversed earlier gains after OPEC+ extended its output cuts. U.S. crude fell 0.41% to $79.64 per barrel, and Brent was at $83.29, down 0.31%.

Gold rose to a near two-month high as market participants solidified their bets on the Fed beginning interest rate cuts in June. Spot gold added 0.9% to $2,101.79 an ounce.