New York, March 4, 2026, 13:26 (EST) — Regular session
- Salesforce shares drift lower in early afternoon trade after a choppy morning range
- Investors keep circling software buybacks as AI disruption fears linger
- U.S. jobs data and the Fed’s next meeting sit near-term on the calendar
Salesforce (CRM) shares slipped 0.2% to $195.73 in early afternoon trading on Wednesday, down about 32 cents on the day. The stock traded between $192.22 and $198.18.
The stock has tracked a nervous software group as investors try to work out whether fast-moving artificial intelligence will squeeze the subscription model that made the sector rich. The focus is on so-called agents — software built to answer queries and perform tasks — and whether they change how customers pay for software.
The S&P 500 software index is down 28% since late October, and the selloff sped up in January after product announcements from AI startup Anthropic, Reuters reported. Since Jan. 12, software companies have authorized $70.5 billion of share repurchases — buybacks that shrink the share count and can lift earnings per share — and Salesforce boosted its own program by $30 billion; Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management, called some buybacks an effort to “stop the decline.” Peter Tuz, president of Chase Investment Counsel, said: “I don’t think the buybacks are enough.” 1
Salesforce on Tuesday deepened its partnership with Formula 1 and launched an AI-powered “fan companion” agent on F1.com, pitching the tool as a way to guide fans through the sport’s new 2026 technical rules. The company said the agent runs on its Agentforce platform and is aimed at scaling personalised engagement for Formula 1’s global audience. 2
The company also took to the Morgan Stanley Technology, Media & Telecom conference on Tuesday, with chief operating and financial officer Robin Washington and enterprise and AI technology president Joe Inzerillo listed as speakers. Investors have been listening for any sharper signs that Agentforce is moving from pilots to repeatable revenue. 3
Citi raised its price target on Salesforce to $200 from $197 while keeping a Neutral rating, updating its model after the earnings report, according to TheFly. 4
On the macro front, U.S. private payrolls rose by 63,000 in February, the biggest gain in seven months, ADP data showed on Wednesday. The report landed ahead of Friday’s government jobs figures and has a patchy record as a guide to the official count. 5
Federal Reserve Governor Stephen Miran said on Bloomberg TV that inflation risks from the Iran conflict were no reason to delay rate cuts, though he acknowledged deep divisions among policymakers. The Fed is expected to hold rates at its March 17-18 meeting, with markets now pricing the first cut later in the year, Reuters reported. 6
Goldman Sachs also warned on Wednesday that geopolitics, AI disruption fears and stretched valuations could spark a short-term correction in global stocks, even if it does not expect a prolonged bear market. 7
For Salesforce, the risk is that investors keep treating buybacks and fresh AI demos as noise until customer spending stabilises and the market sees proof that agents will not undercut subscription fees charged per user. A sharper rise in yields would add another headwind for long-duration tech shares.
Traders next watch Friday’s U.S. payrolls report and any follow-through in software stocks after the buyback wave. Salesforce’s comments from the Morgan Stanley conference and the Formula 1 tie-up will be parsed for clues on where Agentforce lands in budgets.
