Observed Signal · May 26, 2026 · Earnings Report · Source: CNBC Investing · Impact: 4/5 · Sentiment: Neutral
Trader Jay Woods Eyes Salesforce, Snowflake Ahead of Earnings
NYSE insider Jay Woods, chief market strategist at Freedom Capital Markets, highlighted Salesforce and Snowflake as beaten-down software stocks to watch ahead of their upcoming earnings reports. Woods noted Salesforce is down about 31% year-to-date and identified technical support at $167, with a breakout above $180 potentially targeting $210. He described Snowflake as down about 18% year-to-date, having broken a recent downtrend, with resistance near $202 and support levels at $154 and $142. At the time of the report, Salesforce traded near $181 and Snowflake near $178. Both companies are scheduled to report earnings Wednesday after the close. The CNBC Pro video also touched on S&P 500 key levels and upcoming personal consumption expenditures data and its implications for incoming Fed chair Kevin Warsh.
Earnings from major B2B software companies (Salesforce, Snowflake) can signal enterprise spending trends and investor sentiment for cloud, CRM and data-platform markets ahead of reported results.
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Key Takeaways & Evidence Grounding
- Jay Woods is chief market strategist at Freedom Capital Markets.
- Salesforce is down about 31% year-to-date and was trading around $181 (up ~0.9% at the time of the article).
- Snowflake is down about 18% year-to-date and was trading around $178 (up >3% at the time of the article).
- Woods cited technical levels: Salesforce support at $167, breakout threshold at $180 and a target of $210; Snowflake resistance near $202 and support at $154 and $142.
- Both Salesforce and Snowflake were slated to report earnings Wednesday after the market close.
Connected Companies & Entities
2 Entities mappedRelated Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Snowflake Prepares for Earnings Amid Strong 2026 Stock Performance
Snowflake is scheduled to report its fiscal second-quarter earnings, with analysts expecting an EPS of 45 cents, representing a 28% year-over-year increase. The company's stock has risen 48% year-to-date in 2026, outperforming the broader software sector due to its solid fundamentals and strategic artificial intelligence investments. NYSE insider Jay Woods, Chief Market Strategist at Freedom Capital Markets, advises investors to watch key levels at $330 and $400 for potential growth runs, or $290 as a support level if a pullback occurs. Woods is also tracking upcoming earnings from Palo Alto Networks and Broadcom.
Salesforce Earnings Spark Technical Breakout
Salesforce's earnings triggered a technical breakout as the stock gapped higher, breaking through multi-timeframe resistance and reversing a long-term downtrend, according to chart analyst Jay Woods. On the daily chart the $208–$210 level moved from resistance to a new risk threshold, shares recaptured the 200-day moving average and broke a downtrend dating to late 2024. Weekly indicators point to resistance near $240 and a potential run toward $260 if a weekly close clears $238. Monthly momentum metrics showed stochastic oversold readings only in 2009, 2023 and 2026, and Woods notes a monthly stochastic buy signal with a potential MACD bullish crossover. Short-term traders are advised to use the opening gap and a $230 stop; longer-term investors may view the move as a trend change. Woods also references an interview with CEO Marc Benioff and Anthropic CEO Dario Amodei about AI's role.
Software Stocks Recover 40% From SaaSpocalypse Low
The software sector has rebounded nearly 40% from its April lows, following the "SaaSpocalypse" selloff triggered by AI disruption fears. Analysts at Jefferies recommend focusing on data platforms and cybersecurity, which show more reliable AI monetization than consumer apps. They highlight Snowflake, Dynatrace, Palo Alto Networks, and Okta as key picks. Snowflake shares surged 22% after beating Q2 earnings, while Palo Alto also surpassed estimates. Doximity's stock doubled after its CEO cited a 10x return on AI search investment. Meanwhile, Salesforce and Anthropic CEOs stressed their complementary relationship rather than competition. The recovery underscores software's durable moats, including proprietary data and sticky workflows, even as frontier labs partner with established vendors.
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