QtrendsUS tech stocks rallied with the Nasdaq surging and Dow briefly topping 53,000 for the first time, driven by chip stocks. President Trump rang the Wall Street opening bell to mark the first trading day of Trump Media, tying his presidency to market gains. Microsoft announced 4,800 job cuts, heavily impacting its Xbox division and planning to spin off four gaming studios. Oil prices eased as ships resumed movement in the Persian Gulf amid the Iran conflict, though gas price impacts remain mixed. In a major media consolidation, Sky agreed to acquire British broadcaster ITV for $2.1 billion.
Wall Street kicked off the new week with strong gains, led by a rally in semiconductor stocks. The Nasdaq and S&P 500 both rose, while the Dow Jones Industrial Average briefly crossed the 53,000 mark for the first time in history. Chipmakers and major tech names drove the upward momentum, recovering from earlier losses. AXT, Dell Technologies, Broadcom, and O'Reilly Automotive were among the stocks making the biggest moves.
President Donald Trump rang the opening bell at the New York Stock Exchange to celebrate the first trading day of Trump Media, tying his presidency directly to stock market performance. Trump declared that the stock market 'is going to go through the roof' during the ceremony. The event marked a symbolic moment as he linked his administration's economic agenda to Wall Street gains.
Microsoft announced a significant workforce reduction of approximately 4,800 employees, with the Xbox gaming division facing the largest impact. The cuts are part of a broader restructuring that includes plans to spin off four gaming studios. The move is described as a 'reset' of Microsoft's gaming strategy following its massive Activision Blizzard acquisition. The layoffs affect multiple divisions across the company.
Oil prices are showing signs of easing as commercial shipping resumes movement in and out of the Persian Gulf, despite ongoing tensions with Iran. Reports indicate that ships are moving through the critical waterway again, helping to calm crude markets. However, the impact on US gasoline prices remains mixed, with some stations raising prices even as oil benchmarks decline. The situation remains fluid as geopolitical risks persist.
Sky has agreed to acquire British broadcaster ITV for up to $2.1 billion, reshaping the UK television landscape. The deal is designed to help the combined entity compete more effectively with global streaming giants like Netflix and Disney+. Sky has committed to keeping ITV's popular shows, including I'm a Celebrity...Get Me Out of Here!, free to watch on free-to-air channels. The acquisition marks one of the largest consolidations in British media history.