Market Beats | Microsoft to Cut 6,000 Jobs in Latest Big Tech Workforce Reduction; US Spring Home-Sales Season Stalls; Dollar Retreats on Speculation Trump Favors Weaker Currency; Uber Launches Budget Route Share and Fare Pass; California to Roll Back Free Health Care for Undocumented Adults; US Corporations Snap Up Short-Term Treasuries After Trump Tariff Delay

—— US Spring Home-Sales Season Stalls; Dollar Retreats on Speculation Trump Favors Weaker Currency; Uber Launches Budget “Route Share” and Fare Pass; California to Roll Back Free Health Care for Undocumented Adults; US Corporations Snap Up Short-Term Treasuries After Trump Tariff Delay; Microsoft to Cut 6,000 Jobs in Latest Big Tech Workforce Reduction

1. US Spring Home-Sales Season Stalls

The US spring home-selling season, typically the busiest time of year for the housing market, is faltering under the weight of high mortgage rates and economic uncertainty stemming from President Donald Trump’s trade policies.

April usually sees a surge in transactions as warmer weather brings out both buyers and sellers. But this year, signed contracts hit their lowest level for the month since the pandemic lockdown in 2020, according to Redfin’s seasonally adjusted data. Deal volume was down 3% from April 2024 — a year already marked by sluggish activity.

Meanwhile, inventory is swelling: active listings last month reached their highest since 2019, as homes sit longer without offers. Annual median price growth also slowed to just 1.4%, down sharply from nearly 6% a year earlier.

The chill in activity reflects broader economic malaise. Elevated borrowing costs are squeezing affordability, and Trump’s escalating trade war is contributing to market volatility and eroding consumer confidence.

With few sellers under financial pressure to offload properties, and many buyers hesitant, the market is stuck in a holding pattern.

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2. Dollar Retreats on Speculation Trump Favors Weaker Currency

The US dollar erased this week’s gains on Wednesday amid speculation that President Donald Trump supports a weaker greenback and could use exchange rate policy as a bargaining chip in future trade talks.

The Bloomberg Dollar Spot Index fell for a second consecutive day, extending losses after a Bloomberg News report revealed that US and South Korean officials discussed currency issues during a May 5 meeting in Milan. Further discussions on exchange rate policies are reportedly planned.

The South Korean won surged nearly 2%, and the Japanese yen also strengthened, reflecting growing market sentiment that US trading partners may be encouraged to let their currencies appreciate to help balance trade flows.

Trump has frequently argued that artificially weak Asian currencies give exporters in the region an unfair edge over American manufacturers. The latest developments have raised expectations that the administration may push for stronger foreign currencies as a condition for trade deals.

“This news is reinforcing market concerns that the Trump administration may be leaning toward a weaker-dollar stance,” said Mohamad Al-Saraf, an analyst at Danske Bank.

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3. Uber Launches Budget “Route Share” and Fare Pass

Uber Technologies Inc. unveiled new commuter-focused options on Wednesday as it seeks to attract more daily riders amid rising consumer costs. The rideshare company introduced “Route Share,” a new pooled ride option that’s up to 50% cheaper than standard UberX trips. The service is available only during weekday commuting hours and mimics public transit by operating along high-traffic corridors with fixed intervals every 20 minutes. Passengers may need to walk up to 15 minutes to reach pick-up points and share rides with up to two others.

Route Share is now live in New York, San Francisco, Chicago, Philadelphia, Dallas, Boston, and Baltimore, with additional cities planned. Uber aims to work with employers to make these rides eligible for pretax commuter benefits, further increasing affordability.

In addition, Uber announced a new fare pass that allows users to lock in pricing on up to 10 routes. This feature will launch first in 10 cities, including San Francisco, Washington, and Miami, and expand to other US markets and Brazil. Starting this summer, riders can receive deeper discounts by prepaying for multiple trips:

• 5 trips = 5% discount
• 20 trips = 20% discount

The initiatives reflect Uber’s strategy to convert more occasional users into regular commuters by offering cost-efficient and predictable travel solutions.

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4. California to Roll Back Free Health Care for Undocumented Adults

California to Roll Back Free Health Care for Undocumented Adults Amid Budget Strain

California Governor Gavin Newsom is proposing to end free health care coverage for most undocumented immigrants, reversing one of his signature progressive policies in response to a projected revenue shortfall.

Under the revised budget plan released Wednesday, undocumented adults enrolled in Medi-Cal — California’s Medicaid program — would be required to pay a $100 monthly premium starting in 2027. Additionally, new enrollment for this group would be frozen as early as next year, although emergency and pregnancy-related care would still be provided. Children will not be affected by the proposed changes.

The shift marks a notable policy reversal for Newsom, who had championed universal Medi-Cal access regardless of immigration status, making California the first state in the US to do so. The full rollout of that initiative occurred just last year.

But amid a worsening fiscal outlook, the governor’s office cited what it called the “Trump Slump” — a slowdown in tax revenues — as a driving factor behind the cost-cutting measures. The Medi-Cal policy change is projected to save $5.4 billion through fiscal year 2028–2029.

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5. US Core Inflation Cools in April

Nike Inc. cofounder Phil Knight, once seen as the most likely buyer of the Portland Trail Blazers, has officially ruled out making an offer to acquire the NBA team.

“Five years ago, when I was a younger man, I had a great interest in being a part of the Portland Trail Blazers franchise,” said Knight, 87, in a statement. “However, at my current age, I can confirm that I no longer have interest in acquiring the team.”

The Trail Blazers announced Tuesday that the team is being put up for sale by the estate of Microsoft cofounder Paul Allen. Knight, given his longstanding ties to the Portland area and Nike’s headquarters nearby, was widely considered a leading candidate.

Knight had previously submitted a bid in 2022 worth more than $2 billion. He has a net worth of over $30 billion, according to the Bloomberg Billionaires Index.

Having stepped down as Nike’s board chairman in 2016, Knight no longer oversees daily operations but continues to advise senior leadership. In recent years, he’s focused on philanthropic efforts through the Knight Foundation and has actively supported athletics and academics at the University of Oregon.

The Trail Blazers have retained investment bank Allen & Co. and law firm Hogan Lovells to manage the sale.

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6. US Corporations Snap Up Short-Term Treasuries After Trump Tariff Delay

US corporations with over $1 trillion in assets aggressively bought short-term Treasuries following President Donald Trump’s announcement of a 90-day delay on most of his “Liberation Day” tariffs, according to investment analytics firm Clearwater.

Data from Clearwater, which tracks over 800 primarily non-financial US-based companies, show that the purchases were part of a broader trend. Over the past 18 months, companies have extended the duration of their cash and safe asset holdings. On April 9 — the day Trump declared it was “a great time to buy” stocks — corporate treasurers collectively purchased about $5 billion worth of Treasuries maturing in one to three years.

“We’ve seen a shift toward longer-duration assets over the past year,” said Matthew Vegari, Clearwater’s head of research. “These corporate investors are taking advantage of rising yields, and we’re seeing a significant move out of money market funds.”

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7. Microsoft to Cut 6,000 Jobs in Latest Big Tech Workforce Reduction

Microsoft Corp. will lay off about 6,000 employees — roughly 3% of its global workforce — as part of an effort to streamline operations and reduce layers of middle management.

The Redmond, Washington-based company announced on Tuesday that the job cuts will affect international offices and subsidiaries, including LinkedIn. These follow earlier performance-related layoffs this year that impacted around 2,000 employees.

“We continue to implement organizational changes necessary to best position the company for success in a dynamic marketplace,” Microsoft said in a statement.

The company joins other tech giants like Amazon and Meta in trimming headcount as the sector recalibrates amid heavy investments in artificial intelligence and growing competition from startups like OpenAI.

Meta designated 5% of its workforce as low performers this year before cutting them. With roughly 74,000 employees at the end of 2024, Meta has already reduced nearly a quarter of its workforce in recent years.

Amazon CEO Andy Jassy has emphasized eliminating bureaucracy and flattening management layers. The e-commerce giant cut 27,000 jobs in two rounds of layoffs in 2023, followed by additional staff reductions at Amazon Web Services in 2024.

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