A furious rally on Wall Street to start 2024 took a breather at the beginning of the final week of the year’s first quarter
The S&P 500 (^GSPC) fell about 0.2% while the the Dow Jones Industrial Average (^DJI) dipped 0.3%. The tech-heavy Nasdaq Composite (^IXIC) pared back earlier losses to hover near the flatline after the index set another record at Friday’s close.
The S&P and Nasdaq have opened 2024 on a heater, as both indexes are up near 10% to start the year. But traders are largely in wait-and-see mode to start a short final week of March, with financial markets closed for Good Friday.
The highlight of the week on the economic data front will come on Friday with the release of the Personal Consumption Expenditures (PCE) price index, which contains the Federal Reserve’s preferred “core” PCE inflation measure.
The Fed helped fuel the market’s bull run last week, as the central bank reaffirmed expectations that it will cut rates three times this year while also issuing more bullish forecasts on the economy.
In corporate news, shares of Advanced Micro Devices (AMD) and Intel (INTC) both fell after a Financial Times report said China would phase out the use of their chips and servers in government computers.
Boeing (BA) shares popped after the plane manufacturer announced its CEO Dave Calhoun will step down at the end of the year.
The industrial giant has dealt with a string of production and quality control issues since one of its 737 MAX 9 planes flown by Alaska Air lost a panel in mid-flight in early January.
https://finance.yahoo.com/news/stock-market-today-stocks-slip-boeing-rises-as-ceo-set-to-depart-115308669.html
