What’s News in Markets: DJT Trade, McKrispy Deal, Aviation Turbulence
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Hey, listeners, it's Saturday, March 30th. I'm Charlie Grant for The Wall Street Journal filling in for Francesca Fontana. And this is What's News in Markets. Our look at the biggest stock moves of the week and the news that drove them. Let's get to it. This trading week was abbreviated by the Good Friday holiday, but the bull market still charged right along. The Dow Jones Industrial Average rose once again this week, closing just shy of the 40,000 milestone. The Nasdaq Composite and S&P 500 were both little changed in the final week of the first quarter. Considering all three are still solidly in the green for this year, that's a win for investors. And for the S&P 500, the quarter was the best first three months of the year since 2019.
Things were calm on the surface, but there was plenty of action in individual stocks. We had the return of meme stock mania, this time with a dash of politics. Plus, the market gets a sweet tooth and more trouble for big names in aviation. The biggest story of the week in markets was the return of DJT. And while that refers to the initials of former President Donald J. Trump, this time I'm talking about his SPAC, Trump Media and Technology Group, the parent company of Trump's social network known as Truth Social. As you may have heard on What's News, DJT began trading for the first time on Tuesday after shareholders approved a deal to take the social network public last week, granting Trump a possible windfall right as he needs cash to cover his civil fraud judgment and to fuel his campaign for the White House.
And there were fireworks once trading began. The stock rose as much as 59% Tuesday before closing the day up 16%. They rose another 14% on Wednesday before falling just a bit on Thursday. The roller coaster in this stock, though, seems to be just beginning, especially if the former president moves to sell or borrow against his 60% stake in the months ahead, like many expect.
We all know the feeling. You get a craving for something sweet, and suddenly you'll do anything to get your hands on your favorite candy or dessert. For me, it's peanut butter cups. But this week, Wall Street traders acted like they needed a donut. Take Krispy Kreme stock. The donut chain announced it reached a deal to sell its goodies at McDonald's restaurants across the U.S. The Golden Arches will start rolling out the donuts in the second half of the year and should have them available nationwide by 2026.
How did markets perform overall during the shortened trading week?
The stock rose 39% on Tuesday on the back of this news, since the greater availability should boost sales and profits. But on Wednesday, the stock fizzled out like the end of a sugar high, falling 11%. However, it still ended the week significantly higher, making it a satisfying treat indeed. And last but not least, Boeing's operational issues continue to impact the planemaker as well as one of its large customers. As we've reported, Boeing announced Monday that its CEO, Dave Calhoun, will step down at the end of the year as part of a wider executive shakeup. The company will conduct a search for his replacement. Boeing's stock rose about 1% on the news Monday and kept its gains for the week. That might not sound like much, but investors here will take any good news they can get.
The stock is one of the worst performers in the entire S&P 500 this year, down nearly 30% so far. Also on Monday, United Airlines shares fell more than 4%. The Wall Street Journal reported last weekend that U.S. air safety regulators are stepping up scrutiny of the airline after a series of safety issues in the past several weeks. The airline could face restrictions on new routes or the usage of new planes. Despite that news, United shares did recover from the dip as the week went on and ended the week in the green.
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