Dow tops 53,000 for first time; Microsoft cuts 4,800 jobs as Xbox downsizes
2026-07-07 01:14:08
According to CNBC, U.S. markets started the week higher, with the Dow Jones Industrial Average crossing 53,000 for the first time, while the Nasdaq gained 1.12% on a rebound in chip stocks and the S&P 500 rose 0.72%; gold prices pulled back as Treasury yields held steady. CNBC also reported that Microsoft said Monday it is immediately eliminating 4,800 jobs, or 2.1% of its workforce, with its Xbox division set to lose about one-fifth of its staff and cut a total of 3,200 people, including 1,600 jobs on Monday and another 1,600 exiting throughout fiscal year 2027.
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