U.S. stocks hit another all-time closing high on Monday as tech stocks drove the market higher, reversing an early decline, while central bank speakers offered clues on the path of interest rates.

The S&P 500 Index closed 0.4% higher, its 28th all-time close this year. Meanwhile, the tech-heavy Nasdaq 100 Index gained 0.6%.

A basket tracking the so-called Magnificent Seven was on track for a closing record. Apple Inc. broke into positive territory for the year, which is the latest milestone in an advance that has put the company within striking distance of a fresh record. Nvidia Corp. also advanced after news that it would invest as much as $100 billion in OpenAI to support building new data centers and other artificial intelligence sectors.

“The next few days will provide significant clues on the health of the economic cycle and whether the Fed will have space to continue walking down the monetary policy stairs,” said José Torres, senior economist at Interactive Brokers, highlighting a series of data releases that come out in the latter part of the week. “The ideal mix of results would signal buoyant household shopping, solid employment conditions, robust capital expenditures, and subdued cost forces.”

Several central bank officials are scheduled to offer their thoughts on the economy after the Federal Reserve lowered interest rates last week for the first time since December.

This morning, St. Louis Fed President Alberto Musalem said he supported last week’s rate cut as way to take out insurance against a weakening labor market, though sees “limited room” for more cuts amid elevated inflation. In a separate interview published on Monday, Atlanta Fed President Raphael Bostic said he sees little need for further easing this year.

Meanwhile, Fed Governor Stephen Miran said interest rates were too high and made a case for lowering them aggressively in the coming months to protect the labor market. Miran was speaking at his first policy speech since President Donald Trump appointed him to the central bank.

With stocks hitting all-time highs on the back of rate-sensitive big tech firms, Tony Pasquariello, head of hedge fund coverage at Goldman Sachs Group Inc., said investors should be “responsibly bullish.”

Crypto-linked stocks, including Coinbase Global Inc., dropped as cryptocurrencies sank after more than $1.5 billion in bullish wagers were liquidated on Monday. This triggered a sharp selloff that sent Ether and other tokens plunging.

“It has been a while since we’ve seen such a broad-based outbreak of weakness in crypto prices, suggesting Monday’s weakness might have further to run,” said Chris Beauchamp, chief market analyst at IG.

Among singular stocks, Oracle Corp. advanced as a White House official said the software company would recreate and provide security for a new U.S. version of TikTok’s algorithm under a deal taking shape to sell the popular Chinese-owned app to a consortium of American investors. The company also promoted Clay Magouyrk and Mike Sicilia to the joint role of chief executive officer.

Pfizer Inc. rose as it agreed to buy Metsera Inc. for $4.9 billion in a bid to catch up to rival drugmakers after failing to compete with its own weight-loss medications. Meanwhile, Kenvue Inc. closed at a record low as the Trump Administration was reportedly planning to link the active ingredient in Tylenol to autism.

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