NEW YORK, Jan 9, 2026, 09:41 EST — Regular session
- Microsoft shares fall about 1.1% early Friday, with the Nasdaq-tracking QQQ down about 0.6%
- Investors digest softer-than-expected U.S. payrolls data and brace for a tariff-related Supreme Court ruling
- Microsoft is due to report fiscal second-quarter results on Jan. 28
Microsoft Corp. shares fell about 1.1% to $478.11 in early New York trading on Friday, after dipping to $475.01, as investors weighed fresh U.S. labor data and stayed cautious on megacap tech. The S&P 500 proxy SPY was little changed, while QQQ, which tracks the Nasdaq 100, slipped about 0.6%.
The stock’s early drop extends a choppy week for AI-linked large caps after Thursday’s tech-led slide. Microsoft fell 1.1% in the prior session alongside Nvidia and Broadcom, as investors demanded clearer payoffs from heavy capital spending, or capex, on AI infrastructure. “While AI is still hot, there are going to be winners and losers,” said Art Hogan, chief market strategist at B. Riley Wealth. 1
The next near-term test for Microsoft is Jan. 28, when the company said it will publish fiscal 2026 second-quarter results after the market close, followed by an earnings call at 2:30 p.m. Pacific. Investors will be listening for any shifts in cloud demand and for how management frames spending needs heading into the year. 2
Friday’s tape was also set by the Labor Department’s report showing nonfarm payrolls grew by 50,000 in December, below economists’ forecast for a 60,000 gain, while the unemployment rate dipped to 4.4%. “This report is really validating some concerns about this low-hire-low-fire environment,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. Traders were also bracing for a Supreme Court decision on the legality of President Donald Trump’s sweeping tariffs, which could stir volatility across markets. 3
Still, Microsoft remains exposed to the same pressure point hanging over the sector: whether AI-driven spending translates into faster growth without squeezing margins. If the Jan. 28 update disappoints on that balance — or if broader risk appetite sours on policy headlines — the stock could stay under strain.
For Microsoft, the market’s next clear checkpoint is the Jan. 28 earnings release and conference call, when investors will press for detail on demand, spending and what comes after the AI buildout.
