Stocks Slip from Records as Boeing Gains on CEO Exit, China Chips Plan Hits AMD and Intel
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Stocks slipped from recent record highs to start the week, with the S&P 500 down 0.3% and Nasdaq off 0.3% after hitting a record on Friday. Bitcoin rallied back above $70,000.
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Boeing shares rose after announcing CEO Dave Calhoun will step down at year-end amid ongoing safety issues such as a panel blowing off a 737 MAX 9 plane during a January flight.
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AMD and Intel shares fell on a report that China plans to phase out use of their chips in government computers.
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Oil and gas stocks outperformed as crude oil prices climbed, leading Morgan Stanley to upgrade the energy sector to Overweight.
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Gold hit $2,176 per ounce, extending its record march higher, as Goldman Sachs upgraded its average gold price forecast to $2,180 per ounce in 2024 on expectations for further Fed rate cuts.