Stock market today: Wall Street edges lower after setting record highs last week

NEW YORK — Stocks are ticking lower on Wall Street at the start of what will be a short trading week. The S&P 500 was down 0.2% in early trading Monday. The Dow Jones Industrial Average was off 73 points, and the Nasdaq composite was down 0.4%. The market is easing back from last week’s big run, which was its best of the year and sent all three indexes to records on Thursday.

In corporate news early Monday, Boeing shares rose 4% after it announced that CEO Dave Calhoun was stepping down from the troubled aircraft maker at the end of 2024. A series of safety problems tied to manufacturing issues has drawn the attention of federal regulators, the most recent being a blown out panel of an Alaska Airlines jetliner in January.

Some companies on tap to report earnings this week are video game retailer GameStop, cruise ship operator Carnival and drugstore chain Walgreen's. China's currency, the yuan, was set at a rate of 7.0996 against the U.S. dollar. The official “central parity rate,” is based on a weighted average of prices offered by market makers before the interbank market opens each business day. It is allowed to rise or fall only by 2% each trading day.

The Bank of Japan raised a key interest rate for the first time in 17 years last week, to barely above zero from below zero, or negative interest rates. That means borrowing rates in Japan still remain below those of the U.S. and many other nations.

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