CNBC Business News Update Market Open: Stocks Lower, Microsoft Shares Drop 10%, Jobless Claims Low Last Week 1/29/26
Jan 29, 2026
Markets open with major indices slipping and Microsoft shares tumbling. Investors react to big tech earnings and rising oil. Weekly jobless claims stay unusually low amid notable corporate layoffs. Conversations cover AI's impact on productivity and labor risks. Commodities rally lifts copper, gold, and silver while airlines and entertainment news get brief attention.
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Market Opens Lower As Tech And Oil Shift
- U.S. markets opened lower with major indexes falling, led by a 10% drop in Microsoft shares.
- Oil reached its highest level since last September, drawing investor attention amid tech earnings.
Jobless Claims Remain Historically Low
- Weekly initial jobless claims came in at 209,000, slightly higher than expected but still very low historically.
- CNBC's Rick Santelli emphasized that even with revisions, the level remains far below pre-pandemic averages.
Layoffs And Labor Shift Mentioned
- Several major companies announced large layoffs this week, including Amazon, UPS, Dow, Home Depot, Nike, and Pinterest.
- Former Fed Governor Roger Ferguson noted we may see a strong economy with a weaker labor market underneath as AI changes productivity.