Dow Jones Today: Index Falls Ahead of Inflation Report

Intel led the Dow lower with layoff announcements, while Boeing was lifted by a landmark order

By
Terry Lane
Terry Lane
Full Bio
Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina.
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Published May 09, 2023
Traders work in the S&P options pit at the Cboe Global Markets exchange

Scott Olson / Getty Images

Key Takeaways

  • Dow fell in light trading as investors await April inflation data due tomorrow morning.
  • Boeing struck a big deal with Ryanair, boosting its shares by more than 2%.
  • Intel announced more layoffs, sending its shares down 2%.

The Dow Jones Industrial Average (DJIA) ended little changed, dropping by just 0.1%, in light trading, as investors awaited news on debt negotiations and tomorrow's inflation report.

Intel (INTC) led the index lower, falling 2.2% after announcing another round of layoffs. The company reported its largest quarterly loss in history last month.

Boeing (BA) was the Dow's best performer, rising more than 2% after striking a deal valued at up to $40 billion to sell Ryanair (RYAAY) 150 of its 737 jetliners, with the option to buy 150 more.

Salesforce (CRM) was the runner-up, rising 1.6% to a 52-week high. The company is hosting a three-day data conference in Las Vegas, where it unveiled several new AI tools.

International Business Machines (IBM) also stepped into the AI ring, saying it plans to launch an AI development platform called watsonx. AI didn’t help Big Blue’s share price, which dropped almost 0.5%.

Microsoft (MSFT) shares fell 0.5% after its subsidiary, LinkedIn, said it would cut 716 jobs and kill its Chinese-focused jobs app, InCareer. LinkedIn CEO Ryan Roslansky said the app faced “fierce competition and a challenging macroeconomic climate.”

Trading volume for the SPDR Dow Jones Industrial Average ETF (DIA) was about half its historical average, indicating investors were holding off in anticipation of tomorrow's inflation numbers, to be released before markets open.

Debt-ceiling negotiations between President Biden and congressional leaders, taking place after markets closed, added to the day's uncertainty.

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