What you need to know today

Step aside stocks
Bitcoin briefly topped $42,000 Monday, hitting its highest level in more than a year. The world's largest cryptocurrency was lifted by hopes of approval for a bitcoin exchange-traded fund and growing bets on U.S. interest rate cuts. Spot gold prices touched $2,100 an ounce, hitting a record high as investors rushed into the safe-haven asset.
Wall Street catches a breath
U.S. stocks markets slipped Monday, with investors questioning if markets climbed too fast, too soon following five straight weeks of gains. The $Dow Jones Industrial Average(.DJI.US)$ inched 0.11% at close. The $S&P 500 Index(.SPX.US)$ dropped 0.54% and the $Nasdaq Composite Index(.IXIC.US)$ slipped 0.84% amid a Big Tech shares selloff. Europe's Stoxx 600 ended down 0.1%, amid an apparent pause in the recent global rally.
Of Airlines and DoJ
After Alaska $Airlines(BK2090.US)$ agreed to buy rival Hawaiian Airlines in a $1.9 billion deal Sunday, many argue that the airlines' executives may now spend many more months trying to convince regulators the acquisition should go ahead. This comes less than a year after the Justice Department sued to block JetBlue Airways' $3.8 billion cash acquisition of budget carrier Spirit Airlines.
Big costs, bigger layoffs
$Spotify Technology(SPOT.US)$ said it was laying off 17% of its workforce, or about 1,500 employees, as it aims to reduce costs and adjust for a slowdown in growth. Shares of the music-streaming service jumped more than 7% Monday. Software provider Twilio also said it would lay off roughly 5% of its workforce, or about 300 jobs, following underperformance of a unit that activist investors have targeted.