Key market movers to watch include Salesforce, whose CEO is defending its guidance despite a mixed investor reaction, and Snowflake, which surged 36% in after-hours trading following strong earnings and optimistic commentary on its AI initiatives. Investors are also anticipating a significant deluge of economic data, including jobless claims, GDP, durable goods orders, and PCE inflation, which will be closely scrutinized on ‘Squawk Box’. Major indexes like the Dow and Nasdaq 100 hit new highs, while Dell is set to release its earnings after the bell.
Stocks @ Night: Your Daily Market Briefing
Welcome to Stocks @ Night, your essential after-hours newsletter providing a sneak peek into tomorrow's trading and a recap of today's market action. Sign up for free to get this crucial analysis delivered directly to your inbox.
Today, we're dissecting the key events and earnings that are poised to influence the upcoming trading session, following a day where the Dow Industrials etched a new record high.
Salesforce: Guidance Under Scrutiny, CEO Defends Vision
Salesforce (CRM) experienced a mixed reaction post-earnings. While the company surpassed earnings estimates, its forward guidance was met with a lukewarm reception, described by some as "meh." However, CEO Marc Benioff remains bullish, asserting to Jim Cramer on "Mad Money" that Salesforce is set for a "monster year" with projected revenues exceeding $46 billion. Benioff emphasized the company's commitment to delivering "agentic capability across all of our products," a move he believes will solidify its dominance in the enterprise software space. The stock saw little change in after-hours trading, currently sitting 37% below its November peak. A share buyback program announced earlier this year remains active.
Snowflake Soars on Strong Earnings and AI Enthusiasm
Snowflake experienced a significant surge, jumping 36% in extended trading following its quarterly earnings report. Senior news editor David Sucherman captured the sentiment, likening the market's reaction to "a blizzard… the good kind." The company exceeded both earnings and revenue expectations. CEO Sridhar Ramaswamy highlighted the ease of use and rapid adoption of products like Snowflake Intelligence, which boasts 2,500 customers and is described as "on fire." Ramaswamy also underscored the company's strategic partnerships with leading AI model makers and expressed confidence in Snowflake's role in the enterprise AI revolution, driven by continuous product innovation. Expect more in-depth analysis on "Morning Call" with Morgan Brennan at 5 a.m.
Economic Data Storm Brewing on 'Squawk Box'
Get ready for a packed morning of economic data releases on "Squawk Box" with Becky Quick, Joe Kernen, and Andrew Ross Sorkin. Key reports hitting the wires at 8:30 a.m. ET include:
- Weekly Jobless Claims: Dow Jones consensus estimate stands at 213,000.
- Q1 Real GDP (Second Reading): Consensus estimate is 2%.
- Durable Goods Orders (April): Consensus estimate is 3.5%.
- Personal Consumption Expenditures (PCE) Price Index: Expected to show a 0.5% month-over-month increase and a 3.8% year-over-year rise.
Bond Market Snapshot Ahead of Data
As the market braces for the economic data, here's a look at current Treasury yields:
- 10-year Treasury: 4.502%
- 2-year Treasury: 4.057%
- 1-year T-bill: 3.818%
- 6-month T-bill: 3.778%
- 3-month and 1-month T-bills: Approximately 3.68%
For corporate bond investors, yields are as follows:
- Fidelity Corporate Bond ETF (FCOR): 4.53%
- iShares 0-5 Year High Yield Corporate Bond ETF (SHYG): 6.99%
- iShares iBoxx High Yield Corporate Bond ETF (HYG): 5.85%
- State Street SPDR Bloomberg High Yield Bond ETF (JNK): 6.6%
Retail and Banking Giants on Deck
Best Buy has seen a 4% gain in the last three months, though it remains 24% off its October high. In contrast, Kohl's has declined 21% over the past three months and is down 48% from its December peak.
Canadian banks are showing strength: Royal Bank of Canada, Toronto-Dominion Bank, and Canadian Imperial Bank have all gained approximately 15% in the last quarter and are trading near 52-week highs. This follows Bank of Montreal's strong performance earlier this week, which included beating estimates, raising its dividend, and hitting a new stock high.
Dell Gears Up for Post-Bell Earnings Report
Computer manufacturer Dell is set to report its earnings after the market close today. The company's shares have more than doubled in the past three months, and the stock closed Wednesday's session at $305.32, marking a new high. Investors will be watching closely for Dell's performance and future outlook.
Federal Reserve Speakers on the Calendar
Several Federal Reserve officials are scheduled to speak today:
- John Williams (New York Fed President): Speaking around 8:55 a.m. ET (in Iceland).
- Alberto Musalem (St. Louis Fed President): Speaking at 10:15 a.m. ET (also in Iceland).
- Tom Barkin (Richmond Fed President): Speaking at 3 p.m. ET.
Hyatt Celebrates Record Highs, Small Caps Rally
Hyatt celebrated a new stock high on Wednesday and has gained 9.3% in May, as it holds its investor day in Chicago.
The small-cap benchmark, the Russell 2000, also hit a new high on Wednesday, up 4.3% for May. The major indexes continue their upward trend, with the Nasdaq 100 up 9% and the Dow Industrials up 3% in May, both reaching new record highs on Wednesday.
Join Our Live Investing Event
Markets may fluctuate, but the principles of building long-term wealth endure. Join our upcoming CNBC Pro LIVE event to gain actionable strategies for smarter, more disciplined investing. Connect with financial professionals and everyday investors to cut through the noise. Register for a discount code.
