Dow tops 53,000 for first time; Microsoft cuts 4,800 jobs as Xbox downsizes

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.