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Jay Woods highlights IBM, ServiceNow and Intel earnings as key catalysts after S&P 500 slipped below its 50‑day moving average, signaling potential market
LEDE
IBM, ServiceNow and Intel are the three S&P 500 stocks Jay Woods says investors should watch this week as they report earnings, a focus sharpened by the index closing below its 50‑day moving average for the second time since April and failing to break its early‑June record high【1】.
At a glance
| At a glance | |
|---|---|
| S&P 500 50‑day MA status | Closed below for second time since April【1】 |
| IBM drop on prelim report | Shares fell 25% – worst day ever after missing revenue and earnings expectations【1】 |
| ServiceNow YTD performance | Down ~30% in 2026, sitting near $103 (50‑day MA) and $128.40 (200‑day MA)【1】 |
| Intel YTD decline | Over 30% from late‑June high; 50‑day MA near $117【1】 |
Earnings slate and market backdrop
The S&P 500’s slip below its 50‑day moving average adds weight to the earnings calendar, with roughly 80 constituents slated to report, including heavyweights Alphabet and Tesla【1】. Woods points to IBM’s preliminary earnings miss that triggered a 25% plunge, marking the stock’s worst day on record and setting the stage for a potential “relief rally” if Wednesday’s full results restore confidence【1】. ServiceNow, down about 30% year‑to‑date, trades at its 50‑day moving average of $103 and below its 200‑day average of $128.40, a position where Woods notes past strong rallies have emerged【1】. Intel, also down more than 30% from its late‑June peak, sits near a $117 50‑day average, and Woods suggests a beat could spark a bounce【1】.
Technical context and trader expectations
Woods emphasizes that both ServiceNow and Intel sit near key moving averages, levels that historically have acted as support or springboards for short‑term moves. He cites ServiceNow’s prior June rally from below the 200‑day line as a precedent, implying a similar breakout could target $125 if earnings are positive【1】. For Intel, a rally above the $117 threshold could signal renewed momentum, though Woods does not specify a target price. These technical cues, combined with the broader market’s sensitivity after the S&P 500’s recent weakness, shape trader sentiment ahead of the earnings releases.
What to watch
The trio’s results will test whether the S&P 500 can rebound from its recent technical weakness or if the market will continue to be weighed down by earnings disappointments, leaving the index’s path to a new high uncertain.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 6 outlets · Jul 21, 2026 · How we report
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