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

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Macy's jumps after Arkhouse, Brigade raise buyout bid

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Crypto stocks soar after bitcoin bursts above $65,000

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

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Futures: Dow down 0.33%, S&P down 0.11%, Nasdaq flat

(Updated at 8:16 a.m. ET/1316 GMT)

By Ankika Biswas and Amruta Khandekar

March 4 (Reuters) -

U.S. stocks were set for a muted open on Monday after the

S&P 500 and the Nasdaq's record-closing highs in the prior

session, as investors paused at the start of a week packed with

key jobs data and Fed Chair Jerome Powell's congressional

testimony.

The Nasdaq kicked off March by hitting an intraday all-time

high on Friday, also closing at its highest level for the second

day, as the artificial intelligence-driven tech rally continues

to steal the spotlight on Wall Street.

The S&P 500 has also been on a record-breaking rally, with

BofA Global Research lifting its year-end target for the

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

from current levels.

"Some type of negative AI development would be your No. 1

risk, and also if inflation remains sticky along with

geopolitical political issues," said Robert Pavlik, senior

portfolio manager at Dakota Wealth.

All eyes will be on monthly non-farm payrolls, JOLTS job

openings and the ADP National Employment report, as well as the

Fed's "Beige Book" scheduled throughout the week for insights

into the economy's health.

Any negative surprises on the economic front that may

significantly delay the onset of rate cuts could potentially

test the market's undeterred upbeat sentiment. Investors have

already pared expectations for how quickly and deeply the Fed

will cut rates, as a stronger-than-expected economy risks

reigniting inflation if policy eases too soon.

Powell will 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.

Traders see a 70.5% chance of the first rate cut arriving in

June and 89% odds of that in July, as per CME Group's FedWatch

tool.

At 8:16 a.m. ET, Dow e-minis were down 129 points,

or 0.33%, S&P 500 e-minis were down 5.75 points, or

0.11%, and Nasdaq 100 e-minis were up 9.75 points, or

0.05%.

Outperforming other megacaps, Nvidia ( NVDA ) climbed 2.4%

in premarket trading after its market value closed above $2

trillion for the first time on Friday.

Other chipmakers including Micron Technology ( MU ), Arm

Holdings, and U.S.-listed shares of Taiwan Semiconductor

Manufacturing gained around 3% each.

Apple ( AAPL ) shed 1.3% 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.

AI server maker Super Micro Computer ( SMCI ) and shoe maker

Deckers Outdoor ( DECK ) jumped 15.6% and 4.2%, respectively, as

they will replace Whirlpool and Zions Bancorporation

in the S&P 500 index, pulling their shares around 1%

lower each.

Macy's jumped 15.4% after real-estate-focused

investing firm Arkhouse Management and Brigade Capital

Management raised their offer for the department store chain.

Cryptocurrency and blockchain-related firms including

Coinbase Global ( COIN ), Bitfarms, Riot Platforms ( RIOT )

and Marathon Digital ( MARA ) climbed 3.7%-7.1% after

bitcoin rallied to a two-year high and broke above

$65,000.

Food delivery firm DoorDash ( DASH ) and ride-hailing firm

Lyft ( LYFT ) climbed 3.4% and 7.3%, respectively, after RBC

Capital Markets upgraded both the stocks' ratings to

"outperform".