Stock Market Today: Bitcoin, Boeing Shine as Stocks Slip

Digital World Acquisition sizzled, too, ahead of its merger with Trump Media & Technology Group.

closeup of stock chart with multiple moving averages
(Image credit: Getty Images)

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.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

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.

Sign up

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

Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.