Quick Read – Guggenheim upgraded Salesforce and ServiceNow to Buy, arguing their valuations have decoupled from fundamentals.
Both stocks are down between 35% and 41% year to date. – Constellation jumped 4% on a Q1 EPS beat while Kroger dropped 3% after announcing a $1.7 billion Giant Eagle acquisition and missing estimates. – ADP reported only 98,000 jobs added versus the 110,000 consensus, and consumer sentiment at 44.8 puts a Fed rate-cut firmly back in focus. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Salesforce didn’t make the cut
Grab the names FREE today. The Dow just closed out its best first half since 2021, up 8.7% year-to-date, yet Wednesday’s open felt like a nervous glance at the door. CNBC’s Dominic Chu kicked off July with mixed earnings, one big M&A shrug, and a jobs report that gave the bulls something to chew on.
Chu flagged the labor data. “ADP this morning reported that 98,000 jobs were added last month, that was below the consensus for economists of 110,000,” A miss of that size lands on top of a labor market quietly softening for a year. The Bureau of Labor Statistics has unemployment at 4.3% for three straight months, up from 3.9% in May 2024. The Sahm Rule currently reads 0.10, well below the 0.50 recession trigger, though it spiked to 0.43 in November 2025 before easing back.