TheStreet's JD Durkin brings the latest business headlines from the New York Stock Exchange as markets close for trading on Monday, March 25.
Related: Here's Who Will Resign in Mass Boeing Resignation
Full video transcript below:
JD Durkin: This is JD Durkin, reporting from the New York Stock Exchange.
A quiet day here on Wall Street as investors await PCE inflation data due out later this week. The Dow's most heavily weighted names, such as United Health, Microsoft and Goldman Sachs, pushed the benchmark index lower, while energy stocks were among the day's biggest movers. Names like Meta and Alphabet sent communication services stocks lower in the session despite their strong gains so far in 2024.
Additionally, the price of bitcoin skyrocketed on Monday and is on track to finish out the month of March.
In other news, after five years of problems related to the company's 737 Max planes, Boeing (licensed in letters) CEO Dave Calhoun announced he will step down from his position at the end of the year. Boeing also announced that Stan Deal, president and head of its commercial aircraft unit, will retire effective immediately and that Chairman Larry Kellner will not seek re-election.
Boeing planes were involved in two fatal crashes in 2018 and 2019, which claimed the lives of 346 people. Those accidents caused Boeing's MAX 8 fleet to be grounded for nearly two years. The plane maker's most recent problems began on Jan. 6, 2023, when a door plug exploded on an Alaska Airlines flight while the plane was flying at 16,000 feet. That incident caused multiple immobilizations due to safety issues, costing the company more than $31 billion.
And as a result of the Alaska Airlines incident, other airlines have suffered negative consequences. Southwest only uses Boeing 737s and was expecting 58 new Boeing planes this year, but will only receive 46, causing the airline to reassess its financial forecast for 2024. And United Airlines announced it would remove the yet-to-be-certified Max 10 from its plans. of fleet for this year.
