Stock Market Today: Futures Slip to Start the Week; Bitcoin Price Surges

Hawaiian Airlines stock is heading skyward, on a $1 billion takeover by its Alaskan rival. And it’s bad news for Spotify employees, good news for shareholders. The streaming giant is laying off 17% of staff in an attempt to become profitable. Shares rose ahead of the bell.

In broader markets, both stocks and bonds look set for a pause after a rapid ascent. Futures point to modest losses for stock indexes. Treasury prices are down, pushing yields up. Oil prices fell, extending a decline driven by weakening demand.

Stock futures slipped. Contracts for the S&P 500, Dow industrials and Nasdaq-100 fell.

Ten-year Treasury yields rose to 4.247% from 4.225% Friday. Yields have slumped recently on bets that the Federal Reserve will soon start to cut interest rates–a notion that Fed Chair Jerome Powell pushed back on Friday.

Overseas markets broadly weakened. Mining stocks weighed on the Stoxx Europe 600. Indexes ended lower in Japan, Hong Kong and mainland China.

One exception: India. The S&P BSE Sensex rose to an all-time high after Prime Minister Narendra Modi’s ruling party won elections in three major states.

The price of bitcoin climbed above $40,000, putting it on course for its highest end-of-day level since April 2022.

Gold prices hovered near a record. Falling bond yields pushed the precious metal to an all-time high Friday.

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