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 Will the Fed Do at Its Next Meeting?Rate cuts remain on hold this summer, experts say.
-
Take It From a Tax Attorney: This Is a Magic Multimillion-Dollar Tax-Saving StrategyThe qualified small business 1202 stock exemption is a $10 million exclusion that seems too good to be true and is often overlooked.
-
What Would You Like to Leave Behind? A Financial Planner's Guide to Family Wealth DiscussionsCommunicating about your assets and plans for passing them on increases clarity while preventing surprises and family disputes.
-
The Dollar Index Is Sliding. Is Your Portfolio Prepared?The dollar's fall has been troubling because inflation appears to be constrained and the economy has been strong. Here's what it means for investors.
-
Seven Financial Considerations When Downsizing for RetirementWith prices going up on everything, you may be looking for a cheaper place to live. To truly evaluate costs, take a hard look at taxes and intangibles.
-
I Have Plenty of Money: Why Do I Need a Long-Term Care Plan?Long-term care planning, whether through insurance or self-funding, is crucial not only for financial protection but also to preserve family relationships and reduce the emotional and logistical burdens on loved ones.
-
The GENIUS, CLARITY, and Anti-CBDC Acts: What Bitcoin Investors Need to KnowMovement on the crypto front at the federal level has the potential to usher in substantial change. Here's what it means for your portfolio.
-
Wellness Stocks to Invest in NowBreakthroughs that help us live longer, healthier lives can also create opportunities for investors.
