Salesforce Gains $9 Billion in 24 Hours

Salesforce shares surged nearly 4% on Thursday, adding a staggering $9 billion to its market capitalization in just one session, even as U.S. equity markets broadly declined under the weight of renewed fears surrounding regional banks and escalating U.S.–China trade tensions.

The software giant's gains marked its best single-day performance in five months, driven by a bold long-term forecast and a major stock buyback announcement. Meanwhile, the broader market saw a sharp sell-off as cracks in regional lending resurfaced, sending jitters across Wall Street.

Salesforce, a leader in enterprise cloud solutions, impressed investors by projecting revenues exceeding $60 billion by 2030, beating Wall Street expectations. The company also unveiled a $7 billion stock repurchase program, set to be executed over the next six months.

The bullish outlook helped Salesforce buck the market-wide downturn, providing a rare bright spot in an otherwise grim trading day.

Markets were rattled by fresh concerns over regional banks’ exposure to risky loans. Shares of Zions Bancorporation plunged 13%, the steepest one-day drop in six months, after the Utah-based lender disclosed unexpected losses from two loans tied to its California operations.

Western Alliance also slid 11% following the announcement of a fraud lawsuit filed against one of its borrowers, raising questions about due diligence and hidden credit risks across the sector.

These losses come in the wake of the September collapses of First Brands, a major auto parts supplier, and Tricolor, a used car dealership, both of which had heavy exposure to commercial lending from regional banks.

The Dow Jones Industrial Average fell by 300 points, or 0.65%, closing below the 46,000 mark.

The S&P 500 dropped 0.6%, with 10 of its 11 major sectors finishing in the red.

The Nasdaq Composite slid 0.5%, weighed down by banking and energy names.

The VIX Volatility Index, often dubbed Wall Street’s "fear gauge," spiked 23% to its highest level in five months, underscoring heightened anxiety among investors.

Financials led the decline in the S&P 500, plunging 2.75%, followed by energy, which dropped 1.12%.

Investor unease was further exacerbated by geopolitical risks. President Donald Trump threatened to impose 100% tariffs on Chinese goods starting November 1, in retaliation for Beijing’s latest restrictions on rare earth metal exports, reigniting concerns over a new trade war with the world’s second-largest economy.

With economic uncertainty mounting and interest rates remaining elevated, regional lenders are finding themselves squeezed from both sides, higher borrowing costs and rising default risks.

Despite the chaos in the banking sector, analysts remain cautiously optimistic about corporate earnings. According to LSEG, companies listed on the S&P 500 are now expected to post a 9.2% year-on-year earnings growth in Q3, up from 8.8% just two weeks ago.

Still, many fear that unresolved structural risks in regional lending could spill over into broader credit markets, threatening the foundation of what has so far been a resilient earnings season.