Stocks kicked off the holiday-shortened week on a down note. There was plenty for market participants to consider today, including a C-suite shake-up at Boeing (BA) and another big surge for bitcoin.
At the close, the Nasdaq Composite was down 0.3% at 16,384 and the S&P 500 was off 0.3% at 5,218. The Dow Jones Industrial Average fell 0.4% to 39,313 on weakness in 3M (MMM, -1.8%) and McDonald's (MCD, -1.4%).
Intel (INTC, -1.7%) was also one of the worst Dow Jones stocks today on news China is restricting the use of certain U.S.-made chips and servers in government computers. According to the Financial Times, the new guidelines center on chips made by Intel and Advanced Micro Devices (AMD, +0.6%), as well as Microsoft's (MSFT, -1.4%) Windows operating systems.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Boeing gains as CEO steps down
Fellow blue-chip Boeing, meanwhile, rose 1.4% on news David Calhoun will step down as CEO at the end of this year. Calhoun took the role in 2020 as Boeing was trying to recover following two fatal crashes involving its MAX planes. The company has encountered plenty of turbulence during his tenure, most recently following a late-January mid-flight panel blowout on one of its Max 9 aircraft.
The company also announced the departures of Larry Kellner, its chairman of the board, and Stan Deal, CEO of Boeing Commercial Airlines.
"Boeing is attempting to draw a line under the reputational damage the company has suffered amid a pile-on of safety issues," says Susannah Streeter, head of money and markets at Hargreaves Lansdown. But with trust sapped "following five years of catastrophic events including two fatal crashes, Boeing is still likely to go through more turbulence before calmer conditions have a chance of returning," Streeter adds.
Bitcoin sizzles as halving event nears
Elsewhere, bitcoin resumed its rally, jumping almost 8% to $71,009. (Bitcoin markets don't close; price taken at 4 pm Eastern.) The cryptocurrency is up about 70% so far this year, and some believe next month's bitcoin halving event could keep the wind at its back.
"Historically, bitcoin halvings have been associated with significant price increases in the cryptocurrency," writes Kiplinger contributor Randy Ginsburg in his feature on bitcoin halving. "The theory behind this is simple: As the supply of new bitcoins entering the market decreases, the demand for them could surpass the supply."
Today's surge generated a halo effect for several crypto-related stocks, including Coinbase Global (COIN, +9.5%) and MicroStrategy (MSTR, +21.9%).
DWAC soars ahead of Trump Media & Technology Group merger
Arguably the most talked-about gainer today was Digital World Acquisition (DWAC), which surged 35.2%. Later today, the special-purpose acquisition company (SPAC), or "blank check firm," will merge with Trump Media & Technology Group, the media and technology company founded by former President Donald Trump that owns Truth Social. The new stock will start trading Tuesday on the Nasdaq Composite under the ticker symbol DJT.
As a reminder, this Friday is a stock market holiday with both the stock and bond markets closed for Good Friday.
Related content
- What's Happening With the New Child Tax Credit?
- Stellantis Recalls 285K Vehicles Over Airbag Problems
- Kiplinger's Earnings Calendar for This Week
-
Will Utah Stop Taxing Social Security Benefits?Retirement Taxes Utah Gov. Spencer Cox wants to end the state's tax on Social Security income.
-
IRS Shakeup? What Trump's Commissioner Pick Could Mean for TaxesIRS An unconventional nominee comes amid broader efforts to reshape the IRS and tax policy in 2025.
-
What's Better Than Investing in Crypto? These 'Boring' PicksCryptocurrency may be good for a thrill, but older investors are better off with assets like bonds, guaranteed annuities, CDs and maybe dividend-paying stocks.
-
Four Actions to Lessen Retirement Stress for Women (and Men)Saving for retirement is anxiety-inducing for everyone, especially women. Following this four-part action plan can help improve your financial security.
-
Year-End Retirement Tax Planning Actions if You Have $1 Million or MoreConsider implementing these four strategies before December 31 to potentially improve your tax situation for this year and the future.
-
Five Simple Strategies to Ensure a Happy RetirementEmployer retirement plans are great, but individual responsibility plays a huge role in retirement success. Here's how to empower yourself.
-
25 Financial Moves to Consider Before December 31Tidying up your financial house before the New Year kicks off will put you in a great position to have a financially satisfying and successful 2025.
-
Five Side Hustles You Could Turn Into a Full-Time BusinessYou might be able to capitalize on your expertise in ways you haven't thought of, possibly even leading to quitting your 9-to-5 job to do what you love.
-
Stock Market Today: Nasdaq Nabs New High After Jobs DataThe S&P 500 also closed at its highest level ever, while the Dow Jones Industrial Average was pressured by another down day for UnitedHealth stock.
-
Rebound in Jobs Growth Keeps Fed on Track: What the Experts Are SayingJobs Report No nasty surprises in the November payrolls data leaves a quarter-point cut in play.
