Microsoft announced layoffs of 9,000 employees Wednesday, or about 4% of its global workforce.

The move follows a massive reduction in May.

“We continue to implement organizational changes necessary to best position the company and teams for success in a dynamic marketplace,” the tech giant said in a statement. The Redmond, Washington-based company has made several rounds of cuts over the past two years, the latest aimed at reducing layers of management in its gaming, software and other divisions.

The decision follows a wave of layoffs — totaling 6,000 staffers — in May.

The United States and Vietnam struck a trade deal, with a significant reduction in proposed tariffs.

Vietnamese goods now face a 20% tariff, down from the 46% it was first threatened with in April, when the Trump administration announced a wave of taxes on imported goods from most trading partners.

The move signals good news for the real estate industry. Builders worry about the impacts of tariffs on the cost of building materials and access to supplies. While the tariff reduction affects only Vietnam and still adds a premium to that country's products, the deal allows some breathing room for imported goods.

More homebuyers seem to be shopping, a promising sign for the housing market.

Mortgage applications rose 2.7% week to week, based on the latest survey by the Mortgage Bankers Association.

“Purchase activity was essentially flat over the week, as overall uncertainty continues to hold homebuyers out of the market,” Joel Kan, the trade group’s deputy chief economist, said in a statement. “However, purchase activity still remains 16% higher than last year’s pace.”