Why did MSFT move on Jul 6, 2026?

Microsoft's stock fell on July 6, 2026, following news that the company is laying off thousands of employees [1, 2, 4]. The restructuring involves cutting approximately 4,800 to 6,400 jobs, representing about 2.1% to 2.8% of its global workforce, with a major overhaul and divestment of several studios in its Xbox gaming division [1, 6, 7, 13]. Shares slipped as the company warned that "there will be more changes ahead" and that other business units would need to make similar adjustments [30, 32, 34].