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
-
What Could Derail the Economy This Year?The Letter While the outlook for the U.S. economy is mostly favorable, there are plenty of risks that bear watching.
-
How to Hire a Retirement Coach — And Why You Might Need OneA trusted retirement coach can help bring purpose, clarity and contentment to your post-working years.
-
How to Get Your Kids into Investing: A Family Project to TryTo teach your children about investing, put your money where your mouth is with this fun and potentially profitable exercise.
-
Four Ways to Invest in Quantum ComputingQuantum computing offers mind-boggling problem-solving potential. Here are four ways to buy quantum computing stocks.
-
Stock Market Today: Earnings and AI Send Stocks to New HighsA massive investment in artificial intelligence and upbeat earnings pushed equities to record levels.
-
Why the 10-Year U.S. Treasury Yield Is So Important Right NowMultiple indicators will track performance and sentiment during the second Trump administration. Here's why the 10-year U.S. Treasury yield is one to watch.
-
Oracle Stock Surges on Trump's Stargate ProjectOracle stock is higher Wednesday after President Trump announced the $500 billion AI-focused Stargate Project. Here's what you need to know.
-
Is Netflix Stock Still a Buy After Earnings, Price Hikes?Analysts were bullish on Netflix stock ahead of its earnings beat, but what is Wall Street saying now? We take a closer look.
-
Procter & Gamble Stock Rises on Earnings Beat: What to KnowProcter & Gamble is trading near the top of the Dow Wednesday after the consumer staples giant beat expectations for its fiscal 2025 second quarter.
-
Why GE Vernova Stock Is Higher After Its Earnings MissGE Vernova stock is trading up on Wednesday even after the power company came up short of estimates for its fourth quarter. Here's what investors need to know.
