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Markets Close with Historic Microsoft Slide, Dems and Trump Near Shutdown Deal, More
29 Jan 2026
Chapter 1: What caused the historic slide in Microsoft's stock price?
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News when you want it, with Bloomberg News Now, I'm Amy Morris. And there's your closing bill for this Thursday on Wall Street, where stocks were rattled by a slide in most mega caps, which showed no signs of easing up on artificial intelligence spending. And of course, we bring you the closing numbers each day here at Bloomberg. The S&P 500 is down nine points. NASDAQ down 172 points.
The Dow gained 55 points. The 10-year Treasury yield at 4.24 percent, the two-year yield at 3.6 percent. And Microsoft may see the worst market loss since DeepSeek hit NVIDIA. Microsoft shares down 10 percent in regular trading after reporting record spending and slowing cloud sales growth, fueling investor concerns about the return on that spending.
Bloomberg Tech co-host Caroline Hyde explains why tech just got hammered today.
People have still got this underlying anxiety that a lot of these older school business models cannot hang on in the age of competitive threats and the unwinding of some of these B2B software that we've been so used to and so ingrained in our everyday.
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Chapter 2: How is the tech industry reacting to Microsoft's financial results?
Microsoft's more than $400 billion wipeout in the stock market valuation would be the second largest in history. And sources tell The Wall Street Journal Amazon is in talks to invest up to $50 billion in open AI. The maker of chat, GPT, is seeking up to $100 billion in new capital from investors. That could value it as much as $830 billion.
Wall Street's main derivatives regulator will write new rules for the multi-billion dollar prediction markets industry. Prediction market platforms like PolyMarket allow customers to buy yes or no positions on a wide range of future events. The head of the Commodity Futures Trading Commission, Michael Selig, says they need to establish clear rules.
President Trump and Senate Democrats are nearing a deal to avert a government shutdown as the White House negotiates with Democrats to place new limits on immigration rates. Senate Democrats are holding up six major spending bills unless there are changes made to immigration enforcement policy. Senate Minority Leader Chuck Schumer.
They're operating effectively outside the law. Every day, every minute. You recoil. It's not America. It's thugs roaming our streets.
Chapter 3: What are the implications of new rules for prediction markets?
We need to end ICE's indiscriminate patrols. We need the masks to come off and we need the body cameras to stay on.
Senate Majority Whip John Barrasso says even if there is a shutdown, it still won't impact ICE or DHS.
The Democrat shutdown does not change the immigration law. nor will it halt immigration law enforcement. That's because Republicans already put into law the largest investment in border security and immigration enforcement in the history of this nation.
The deadline for a deal is Friday. President Trump's border czar, Tom Holman, says the administration will draw down the number of immigration enforcement officers in Minnesota after they get cooperation from state officials.
This is common sense cooperation that allows us to draw down on the number of people we have here. Yes, I said it. Draw down the number of people here.
Holman added that he has zero tolerance for protesters who assault his officers. Republican Senator Susan Collins of Maine says immigration officials have ceased their enhanced operations in that state. President Trump says he'll announce his nominee to chair the Federal Reserve next week.
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Chapter 4: What is the current status of the government shutdown negotiations?
We're going to be announcing next week, I think sometimes, God and Howard and everybody, we're going to be announcing the head of the Fed, who that will be.
Trump reiterated his expectation that the new Fed chair will lower interest rates. Fed Chair Jay Powell's term expires in May, but he could stay on at the Fed through 2028. The Fed did decide to hold rates steady during their meeting this week. President Trump announced during a cabinet meeting Venezuelan airspace is reopening today.
I just spoke to the president of Venezuela and informed her that we're going to be opening up all commercial airspace over Venezuela. American citizens will be
And the president says he's had what he calls very productive telephone conversation with Mexico's President Claudia Scheinbaum. President Trump says they'll set up meetings with Scheinbaum in both the U.S. and Mexico. Ukraine is dealing with its toughest winter since the start of the war, with Russian strikes cutting heating and power to millions, temperatures still well below freezing.
President Trump says he asked Russia to temporarily stand down.
I personally asked President Putin not to fire into Kiev and the various towns for a week. And he agreed to do that. And I have to tell you, it was very nice.
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Chapter 5: How is immigration policy affecting the budget discussions?
A lot of people said, don't waste the coal. You're not going to get that. And he did it. And we're very happy that they did it.
Diplomatic efforts to end the nearly four-year war have accelerated in recent weeks, though both sides remain at odds over the key issue of territorial control once the war is over. The next talks are expected to take place in Abu Dhabi on Sunday. A federal judge in New York has dismissed Bank of New York Mellon from a proposed class action lawsuit by victims of Jeffrey Epstein.
They accused the bank of aiding in Epstein's sex trafficking scheme. The judge dismissed four of the six claims against Bank of America, allowing two of those claims to proceed. Not much change to the labor picture in the latest weekly jobless claims. Bloomberg's Michael McKee with those numbers.
They do rise to 209,000 last week, but that's still a very, very low number. Now, we should point out, you've heard a lot about layoffs the last 48 hours or so, including more today from Dow. Those won't show up as jobless claims until those people's severance runs out. So we wouldn't expect the numbers that we've heard this week to suddenly show up.
Chapter 6: What updates have been made regarding the Federal Reserve's leadership?
Bloomberg's Mike McKee, and that's news when you want it with Bloomberg News Now. I'm Amy Morris, and this is Bloomberg.
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Chapter 7: How is the situation in Ukraine impacting international relations?
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