*

Apple ( AAPL ) hit by EU antitrust fine in Spotify ( SPOT ) case

*

Macy's jumps after Arkhouse, Brigade raise buyout bid

*

Super Micro Computer ( SMCI ) jumps ahead of S&P 500 entry

*

Indexes: Dow dowm 0.02%, S&P up 0.21%, Nasdaq up 0.05%

(Updates prices at 02:58 p.m ET/1958 GMT)

By Sinéad Carew and Ankika Biswas

March 4 (Reuters) - The S&P 500 rose slightly on Monday

afternoon after the S&P 500 and the Nasdaq's record-closing

highs on Friday and ahead of a week packed with economic data

and Fed Chair Jerome Powell's congressional testimony.

The S&P 500's communications services index was

the benchmark's weakest sector while defensive utilities

was its biggest gainer.

Apple ( AAPL ) fell 2.4% following a $2-billion EU antitrust

fine for preventing Spotify ( SPOT ) and other music streaming

services from informing users of payment options outside its App

Store. Outperformers included Nvidia ( NVDA ), which was up 5.9%

after its market value ended above $2 trillion for the first

time Friday.

Investors were preparing on Monday for insights into the

U.S. economy's health from key monthly data such as readings on

the service sector, due on Tuesday, and non-farm payrolls data

due Friday, according to Scott Wren, senior global market

strategist at Wells Fargo Investment Institute.

"The market is still trying to digest what the outlook is

for the economy, earnings and the Federal Reserve," said Wren

but he noted that both institutional and retail investors have

some fear of missing out as they watch stocks hit fresh records.

"There's institutional money that can't sit on the books and

watch the S&P 500 go higher every day and retail investors are

starting to have the fear of missing out," said Wren. "Stocks

are expensive but that doesn't mean they can't get more

expensive before some kind of a pullback. Momentum is carrying

the market and positive thinking is carrying the market."

The Dow Jones Industrial Average fell 7.64 points, or

0.02%, to 39,079.74, the S&P 500 gained 10.8 points, or

0.21%, to 5,147.88 and the Nasdaq Composite added 8.05

points, or 0.05%, to 16,283.00.

The Nasdaq had kicked off March by hitting an intraday

record high on Friday, also closing at its highest level for two

straight days, as the artificial intelligence-driven tech rally

continues to steal the spotlight on Wall Street.

The S&P 500 has also been on a winning streak recently,

jumping over 21% with four straight months of gains through

February. BofA Global Research lifted its year-end target for

the benchmark index to 5,400, from 5,000, representing a 5%

upside from current levels.

Powell is due to testify before lawmakers on Wednesday and

Thursday, with analysts assuming the Fed chief to stay in

wait-and-watch mode on policy after a recent escalation in

inflation.

AI server maker Super Micro Computer ( SMCI ) was up

23.7%and shoe maker Deckers Outdoor ( DECK ) jumped 3% ahead of

their inclusion in the S&P 500 index.

Macy's jumped around 14% after real-estate-focused

investing firm Arkhouse Management and Brigade Capital

Management raised their offer for the department store chain.

Advancing issues outnumbered declining ones on the NYSE by a

1.03-to-1 ratio; on Nasdaq, a 1.27-to-1 ratio favored decliners.

The S&P 500 posted 104 new 52-week highs and 8 new lows;

the Nasdaq Composite recorded 180 new highs and 87 new lows.