Stocks on the New York Stock Exchange paused on Monday, taking a breather from their rally last week following news that Boeing CEO Dave Calhoun is set to step down from his role at the end of the year. Shares in the aircraft manufacturer surged by 7% following the announcement.
The S&P 500 slipped by 0.3%, while the Dow Jones Industrial average fell by 0.2%. The tech-heavy Nasdaq Composite dropped by 0.6%, a marked difference from its record close during the previous session.
Both the S&P 500 and Nasdaq Composite have gained as much as 10% since the start of the year, with investors appearing to be cautiously awaiting the events that unfold during the shorter trading week given that markets will be closed for Good Friday. Investors are also tracking economic data as a means of gauging the Federal Reserve’s next moves with expectations of rate cuts later this year.