Midday Need to Know: Microsoft layoffs, fresh U.S. PMI data & more

The article is a midday market roundup centered on Microsoft’s announcement that it will cut about 4,800 jobs, including a major restructuring of Xbox, as part of an effort to improve margins and efficiency. The news is likely viewed as mildly positive for Microsoft long term due to cost discipline, though negative for gaming employees and the Xbox business. The piece also highlights a new long-term Micron-Ford supply agreement, supporting Micron’s automotive memory demand story. On the macro side, U.S. services data showed continued expansion: ISM Services PMI came in at 54.0, while S&P Global’s final U.S. PMI Composite was revised to 51.9. The data suggest slowing but still expanding growth, with easing price pressures that may be relevant for rate expectations and broad equity sentiment. Overall, the market tone was constructive, with the Nasdaq leading gains, but the headline mix reflects both company-specific restructuring and moderately supportive economic data.