Stocks experienced a decline on Monday as investors questioned whether the market had advanced too quickly, following five consecutive weeks of gains.

The Dow Jones Industrial Average, a blue-chip index, fell by 78 points, or 0.2%, while the S&P 500 recorded a 0.7% loss.

The Nasdaq Composite, particularly affected by the selling of Big Tech shares that had been leading market gains this year, saw a decline of 1.1%.

Amidst the stagnation in stocks, both bitcoin and gold exhibited rallies at the beginning of the week. Bitcoin surpassed the $41,000 mark, reaching a 19-month high, while gold achieved its highest nominal intraday level ever, CNBC reported.

Companies related to cryptocurrency, such as Coinbase and Riot Platforms, both saw increases of more than 7% with the advance of bitcoin. Marathon Digital and Microstrategy also experienced gains of around 6%.

However, Alaska Air Group faced a notable setback, dropping more than 14% after announcing its agreement to acquire rival Hawaiian Airlines for $1.9 billion.

This strategic move is part of Alaska’s broader efforts to expand its presence along the West Coast.

The day’s market movements signify a pullback after a robust period. Technology shares, in particular, encountered challenges during the session, with Nvidia, Alphabet, and Netflix all sliding by more than 2%.

Written by B.C. Begley