economy
Jay Woods is watching two beaten-down software stocks into earnings this week
Jay Woods reviews two key software stocks reporting earnings this week, as well as what a new inflation report could mean for new Fed chair Kevin Warsh.
TL;DR
- Jay Woods, chief market strategist at Freedom Capital Markets, is watching Salesforce and Snowflake report earnings this week.
- Salesforce stock has fallen 31% this year, with a potential double bottom forming and support at $167.
- A break above $180 for Salesforce could lead to a rally towards $210.
- Snowflake stock is down 18% year-to-date but shows a more positive outlook with resistance at $202.
- Key support levels for Snowflake are $154 and $142.
- Both Salesforce and Snowflake are scheduled to report earnings on Wednesday after the market closes.
- Woods also discusses the S&P 500 and the potential impact of the personal consumption expenditures price index report on the Federal Reserve.