Good morning and welcome to Markets Desk.
President Trump rang the opening bell at the New York Stock Exchange this morning alongside a roster of chief executives in what the White House billed as a first-of-its-kind market open. Trump used the moment to tout the launch of so-called Trump Accounts, special investment vehicles for children under eighteen, with a one-time thousand-dollar pilot contribution from the Treasury for babies born between two thousand twenty-five and two thousand twenty-eight. The president told the crowd the market is going to go through the roof.
Meanwhile, Microsoft is cutting four thousand eight hundred jobs across its commercial operations and its Xbox gaming division, where revenue has been under sustained pressure. As part of the restructuring, Microsoft plans to spin off four gaming studios, a signal that the company is tightening its focus even as it continues pouring capital into artificial intelligence infrastructure.
And on that AI front, the conversation is getting louder and more divided. Elon Musk is predicting a future of abundance where work becomes optional, while Michael Burry of Big Short fame is pushing back, warning that a social and economic revolution comes first. Ray Dalio and Jamie Dimon have both weighed in as well, reflecting just how central this debate has become to long-term market positioning.
That's the tape. Markets Desk, signing off the floor.
