A relatively quiet trading day on Wall Street wraps up with all eyes on earnings due after the close — Salesforce (CRM) and Snowflake (SNOW) headline today's earnings calendar.
Major indexes finished mixed: the S&P 500 edged up 0.09% to 7,526, the Nasdaq added 0.09%, while technology sector ETFs slipped slightly. The VIX fell 2.9% to 16.52, signaling a relatively calm market sentiment.
CRM and SNOW: A Cloud Sector Test
Salesforce is set to report Q1 2026 earnings after the bell, with the Street expecting EPS of $3.13. The stock traded around $178.89, down 0.11% on the day, after swinging nearly $7 between its low ($176.89) and high ($183.92). CRM has lost roughly 36% from its 52-week high of $278.81 — making this report particularly consequential.
Snowflake also reports tonight, with estimates at $0.32 EPS. The stock fell 1.05% to $175.74, about 37% below its 52-week high.
Tomorrow keeps the earnings momentum going: Dell (DELL) — expected EPS of $2.96 — and MongoDB (MDB), which slid 3.89% today ahead of its report, with estimates at $1.18 EPS.
Last Week's Earnings Beat
Exactly one week ago, NVIDIA (NVDA) posted a quarterly beat: EPS of $1.87 versus $1.77 expected. Workday (WDAY) and Zoom (ZM) also delivered positive surprises last week, with Zoom reporting EPS of $1.42 versus a mere $0.82 estimate — a 72.84% surprise.
IPO Market Stirring
On the IPO front, today brought a notable development: Varsal Tech (ticker: VAT), a specialty chemicals supplier serving pharma, electronics, and industrial customers, filed an S-1 with the SEC for a proposed $20 million IPO. The Warminster, PA-based company posted $19 million in revenue for the 12 months ended March 31, 2026, and plans to list on the NYSE American. R.F. Lafferty & Co. is the sole bookrunner.
Separately, two regional banks filed for IPOs in the past two weeks — Forbright (FRBT) and First Carolina Financial Services (FCBM) — eyeing potential June listings. The momentum follows Lincoln International's (LCLN) successful debut, still trading 17.5% above its offer price, signaling the IPO window is reopening to new sectors.
Bottom Line
Tonight is a pivotal moment for cloud stocks as CRM and SNOW carry market expectations for a sector seeking signs of recovery. Tomorrow DELL and MDB continue the parade. Meanwhile, the IPO market is showing fresh signs of life, with offerings from regional banking to specialty chemicals attempting to ride the positive momentum.
