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Cryptocurrency News Articles

Stocks Drop as Boeing Reshuffles Leadership, Bitcoin Booms

Mar 26, 2024 at 04:09 am

U.S. stocks commenced the holiday-shortened week with a decline, with the Nasdaq Composite and S&P 500 losing 0.3% each. The Dow Jones Industrial Average fell 0.4%, dragged down by 3M and McDonald's. Intel also faced headwinds as China restricted the use of U.S.-made chips in government computers. Conversely, Boeing gained 1.4% as CEO David Calhoun announced his departure, while bitcoin surged 8% in anticipation of the upcoming halving event. Digital World Acquisition soared 35.2% ahead of its merger with Trump Media & Technology Group.

Stocks Drop as Boeing Reshuffles Leadership, Bitcoin Booms

Equities Dip as Boeing Reshuffles Leadership and Bitcoin Surges

New York Stock Exchange trading commenced on a somber note, with the benchmark indices retreating as market participants grappled with a confluence of events, including a leadership shakeup at Boeing (BA) and a significant surge in bitcoin.

At the closing bell, the Nasdaq Composite Index declined by 0.3% to settle at 16,384, while the S&P 500 Index lost 0.3% to close at 5,218. The Dow Jones Industrial Average (DJIA) retreated by 0.4% to 39,313, dragged down by weakness in 3M (MMM, -1.8%) and McDonald's (MCD, -1.4%).

Intel (INTC, -1.7%) emerged as another notable decliner on the Dow Jones today, following news that China has imposed restrictions on the use of certain U.S.-made chips and servers in government computers. The Financial Times reported that the new guidelines primarily target chips produced by Intel and Advanced Micro Devices (AMD, +0.6%), as well as Microsoft's (MSFT, -1.4%) Windows operating systems.

Boeing Ascends as CEO Announces Departure

Fellow blue-chip company Boeing (BA) defied the broader market trend, rising 1.4% after announcing that David Calhoun would step down as Chief Executive Officer at the end of the year. Calhoun assumed the role in 2020 as Boeing navigated the aftermath of two fatal crashes involving its MAX aircraft. The company has faced significant turbulence during his tenure, most recently following a mid-flight panel blowout on one of its Max 9 aircraft in late January.

Boeing 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," said Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown. However, she cautioned that "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."

Bitcoin Sizzles as Halving Event Approaches

In the cryptocurrency realm, bitcoin resumed its rally, surging nearly 8% to $71,009. (Bitcoin markets operate continuously, with the price quoted at 4 pm Eastern.) The cryptocurrency has gained approximately 70% so far this year, and some analysts believe that next month's bitcoin halving event could provide further tailwinds.

"Historically, bitcoin halvings have been associated with significant price increases in the cryptocurrency," wrote 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 in bitcoin prices generated a positive spillover 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 of the day was Digital World Acquisition (DWAC), which surged 35.2%. On Tuesday, 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 commence trading tomorrow on the Nasdaq Composite under the ticker symbol DJT.

As a reminder, Friday, April 15th, is a stock market holiday, with both the stock and bond markets closed for Good Friday.

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Other articles published on Dec 24, 2024