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US Markets

Equities Fall Intraday Amid Tech Sell-Off; Oil Rises

US benchmark equity indexes were lower intraday as traders dumped technology stocks, while increased tensions in the Strait of Hormuz sent oil prices higher.The Nasdaq Composite was down 1.3% at 24,336.1 after midday Thursday, while the Dow Jones Industrial Average shed 0.9% to 49,068.4. The S&P 500 lost 0.9% to 7,076.7. Both the Nasdaq and the S&P 500 hit fresh record highs in the previous session.Among sectors, technology saw the steepest decline, shedding 1.8% intraday, while utilities paced the gainers with a 2.4% advance.ServiceNow (NOW) shares sank 18%, the worst performer on the S&P 500, following its quarterly results.Shares of other major tech names were also lower, including Salesforce (CRM), down 9.3% intraday, which was the steepest decline on the Dow, while Microsoft (MSFT) fell 4.2%.International Business Machines (IBM) followed Salesforce on the Dow, falling 9%. Late Wednesday, the technology giant maintained its full-year revenue growth outlook even as it reported first-quarter results above Wall Street's estimates.Tesla (TSLA) declined 2.9% intraday, despite the company reporting stronger-than-expected first-quarter results. The electric vehicle manufacturer said late Wednesday that it is ramping up its capital investments, while Chief Financial Officer Vaibhav Taneja flagged a negative free cash flow for the rest of 2026.Tesla's aggressive capital spending on artificial intelligence initiatives should boost revenue, though it may take some time before those gains materialize, UBS Securities said in a Thursday note to clients.American Express (AXP) shares were down 4.6%, among the biggest declines on the Dow, even as the payments company reported better-than-expected first-quarter results and reiterated its full-year outlook.West Texas Intermediate crude oil was up 3.9% at $96.60 per barrel, while Brent rose 3.6% to $105.55.US President Donald Trump ordered the US navy to "shoot and kill any boat" placing mines in the Strait of Hormuz, he said in a social media post on Thursday.In another post, Trump claimed that the US has "total control" over the key oil supply chokepoint, which he said was sealed "until such time as Iran is able to make a deal."Trump extended a ceasefire with Iran earlier in the week, though he said the naval blockade of Iranian ports would continue. Iran's Islamic Revolutionary Guard Corps on Wednesday reportedly seized two tankers attempting to cross the Strait of Hormuz."Hopes for a resolution between the US and Iran are fading as peace talks stall," ING Bank said Thursday in a report. "If no progress is made, the market will become increasingly numb to the noise and headlines that have dictated price action recently."US Treasury yields were higher intraday, with the 10-year rate up 1.9 basis points at 4.33% and the two-year rate rising 2.1 basis points at 3.83%.In other company news, Comcast (CMCSA) reported higher-than-expected first-quarter results as the media and connectivity giant benefited from the Milan Cortina Winter Olympics and Super Bowl LX. The company's shares were up 8.3% intraday.Thermo Fisher Scientific (TMO) raised its full-year outlook on Thursday as first-quarter results came in stronger than expected, even as organic growth fell short of analysts' estimates. The stock was down nearly 11%, among the steepest declines on the S&P 500.Lockheed Martin's (LMT) first-quarter earnings decreased more than expected, while its sales fell short of market estimates. The defense contractor's shares were 5.5% lower.Gold was little changed at $4,751 per troy ounce, while silver lost 2.2% to $76.29 per ounce.

Dow JonesNasdaq CompositeS&P 500$AXP$CMCSA$IBM$LMT$MSFT$NOW$TMO$TSLA
Wire

FBN Securities Cuts Price Target on ServiceNow to $120 From $160

ServiceNow (NOW) has an average rating of buy and mean price target of $147.74, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $85.09, Change: $-17.98, Percent Change: -17.44%

$NOW
Wire

Top Midday Decliners

Avis Budget Group's (CAR) stock plunged 48% as intraday volume topped 13.6 million shares versus the daily average of about 2.12 million.The shares slumped for the second straight day after short sellers pocketed $2.8 billion in Wednesday's rout, Bloomberg reported, citing data from S3 Partners.ASGN (ASGN) shares tumbled 46% a day after the company reported lower Q1 adjusted net income and issued weaker-than-expected Q2 guidance.Volume topped 5.63 million shares versus the daily average of 830,549.ServiceNow (NOW) faces softer organic revenue trends and a slightly weaker margin outlook even after strong Q1 results, Oppenheimer said.The stock fell 18% as volume topped 65 million shares versus the daily average of almost 21.9 million.Price: $230.94, Change: $-213.00, Percent Change: -47.98%

$ASGN$CAR$NOW
Sectors

Sector Update: Tech Stocks Mixed Thursday Afternoon

Tech stocks were mixed Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.8% and the State Street SPDR S&P Semiconductor ETF (XSD) rising 1.2%.The Philadelphia Semiconductor index added 0.9%.In sector news, SpaceX is considering manufacturing its own graphics processing units, or GPUs, as part of efforts to secure AI chip supply, Reuters reported Thursday, citing excerpts from a regulatory filing ahead of a planned IPO. The space and satellite firm lists "manufacturing our own GPUs" among the "substantial capital expenditures" it is undertaking, the excerpts of its S-1 registration reportedly showed.In corporate news, IBM (IBM) shares fell past 9% after its quarterly results. Software growth decelerated to 8% in constant currency from 11% in Q4 and 9% in Q3, a "potential red flag for the bears," CFRA said in a note.ServiceNow (NOW) reported strong Q1 results, but softer organic revenue trends and a slightly weaker margin outlook weighed on its overall forecast, Oppenheimer said in a note. Its shares tumbled 18%.Texas Instruments (TXN) shares jumped 17% after it posted higher Q1 earnings and revenue and set out Q2 guidance above consensus.

$IBM$NOW$TXN
Asia Markets

US Equity Indexes Decline as Corporate Earnings Weigh, Hormuz Standstill Continues

US equity indexes fell in midday trading on Thursday as investors evaluated quarterly earnings, and after Washington and Tehran remained deadlocked over a reopening of the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.The Nasdaq Composite fell 0.9% to 24,443.5, with the Dow Jones Industrial Average down by 0.6% to 49,181.9. The S&P 500 was 0.5% lower at 7,098.8.Financials and technology led the decliners, while utilities and industrials were among the top gainers.Tesla (TSLA) shares dropped 3.8% after the electric vehicle manufacturer issued higher-than-expected 2026 capital expenditure guidance. TechCrunch reported the electric vehicle manufacturer is planning to spend $25 billion this year, compared with $8.5 billion in 2025.ServiceNow (NOW) reported strong Q1 results, but softer organic revenue trends and a slightly weaker margin outlook weighed on its overall forecast, Oppenheimer said in a note. Shares of ServiceNow sank 18.6%, the worst performer on the S&P 500.International Business Machines (IBM) fell 10%, the steepest decline on the Dow, following its quarterly results. Software growth decelerated to 8% in constant currency from 11% in Q4 and 9% in Q3, a "potential red flag for the bears," CFRA said in a note.Texas Instruments (TXN) shares were up nearly 19%, among the biggest outperformers on the S&P 500 and the Nasdaq, after the company posted higher Q1 earnings and revenue and set out Q2 guidance above consensus.United Rentals (URI) traded 22% higher, the top gainer on the S&P 500, after the company reported overnight higher Q1 adjusted earnings and revenue and lifted its 2026 sales guidance.President Donald Trump has ordered the US Navy to "shoot and kill" any boat that is laying mines in Hormuz, according to his Truth Social post on Thursday. On the same day, Iran flaunted its tightened grip over Hormuz with a video of commandos storming a cargo ship named MSC Francesca, Reuters reported.The United States and Iran remain at an impasse, with Tehran refusing to negotiate a peace deal as long as the US Navy continues to blockade its ports and Washington refuses to lift the siege. Mediators are trying to get the diplomatic process back on track, including arranging a possible meeting between warring parties as soon as Friday, The Wall Street Journal reported.West Texas Intermediate crude oil futures rose 2.8% to $92.13, and Brent crude futures advanced 1.7% to $103.63.In precious metals, gold futures were steady at $4,751.5, and silver futures dropped 2% to $76.44.In economic news, US initial jobless claims rose to 214,000 in the week ended April 18 from an upwardly revised 208,000, compared with the 210,000 print expected in a Bloomberg-compiled survey.Meanwhile, the April flash reading of manufacturing conditions from S&P Global improved to a 47-month high of 54.0 from 52.3 in March, compared with the 52.5 anticipated in a Bloomberg-compiled poll.US Treasury yields were mixed, with the 10-year increasing 4.3 basis points at 4.34% and the two-year adding 3.5 basis points at 3.83%.

Dow JonesNasdaq CompositeS&P 500$IBM$NOW$TSLA$TXN$URI
Research

Research Alert: CFRA Maintains Strong Buy Recommendation On Shares Of Servicenow Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target to $110, from $167, on a P/FCF of 20x our 2026 FCF view of $5.7B, below its three-year average. We cut our 2026 EPS view to $4.13 from $4.19, but lift our 2027 EPS forecast to $5.05 from $4.95. Q1 results beat on revenue, but non-GAAP came in line with consensus estimates. Total revenues rose 22.1% Y/Y, supported by Subscription sales of $3.67B, up 22.2% Y/Y (19% constant currency). cRPO growth of 22.6% (21% constant currency) reflected large deal momentum, with 16 deals greater than $5 million in net new ACV (NNACV), and five deals above $10 million in NNACV. We believe NOW is executing a successful AI strategy that is accelerating monetization and platform consolidation, with strong demand evidenced by 130% Y/Y growth in $1M+ AI customers. That said, the lower margin outlook (due to Armis), geopolitical headwinds, and conservative topline growth expectations are pressuring sentiment on NOW, though we believe growth drivers remain intact to support our positive view of the business.

$NOW
Wire

Top Midday Stories: Tesla Shares Fall Despite Q1 Beats; ServiceNow Says Iran War Weighed on Q1 Subscription Revenue

All three major US stock indexes were down slightly in late-morning trading Thursday, as investors continued to monitor developments in the Strait of Hormuz.In company news, Tesla (TSLA) reported Q1 adjusted EPS late Wednesday of $0.41, up from $0.27 a year ago and above the FactSet consensus analyst estimate of $0.36. First-quarter revenue was $22.39 billion, up from $19.34 billion a year ago and above the FactSet consensus of $22.1 billion. The company said it intends to use Intel's (INTC) upcoming 14A process to make chips at its Terafab advanced AI project in Austin, Texas, Reuters reported late Wednesday, citing Tesla CEO Elon Musk. Chief Financial Officer Vaibhav Taneja said late Wednesday that Tesla has delayed the rollout of its most advanced driver-assistance features in China due to regulatory issues. Lastly, the firm is creating 1,000 new jobs at its Gruenheide gigafactory in Germany by the end of June to raise weekly production by roughly 20% from Q3, Reuters reported Thursday, citing a company spokesperson. Tesla shares were about 1.8% lower.ServiceNow (NOW) reported Q1 non-GAAP earnings late Wednesday of $0.97 per diluted share, up from $0.81 a year earlier and matching the FactSet consensus estimate. First-quarter revenue was $3.77 billion, up from $3.09 billion a year ago and above the FactSet consensus of $3.75 billion. ServiceNow said Q1 subscription revenue growth saw about a "75 basis point headwind from delayed closings of several large on-premise deals in the Middle East, due to the ongoing conflict in the region." For Q2, the company said it expects subscription revenue of $3.815 billion to $3.820 billion, above the FactSet consensus of $3.751 billion. For full-year 2026, it expects subscription revenue of $15.74 billion to $15.78 billion, above the FactSet consensus of $15.55 billion. ServiceNow shares were down 17.2%.Thermo Fisher Scientific (TMO) reported fiscal Q1 adjusted earnings Thursday of $5.44 per share, up from $5.15 a year earlier and above the FactSet consensus of $5.25. Fiscal Q1 revenue was $11.01 billion, up from $10.36 billion a year ago and above the FactSet consensus of $10.86 billion. Thermo Fisher shares were down 10.4%.Warner Bros. Discovery (WBD) said Thursday its shareholders voted to approve the adoption of the merger agreement with Paramount Skydance (PSKY). The deal is expected to close in Q3, the company said. Warner Bros. shares were down 0.4%, while Paramount shares were down 5.4%.Texas Instruments (TXN) reported Q1 earnings late Wednesday of $1.68 per diluted share, up from $1.28 a year earlier and above the FactSet consensus of $1.36. First-quarter revenue was $4.83 billion, up from $.07 billion a year ago and above the FactSet consensus of $4.53 billion. For Q2, the company said it expects EPS of $1.77 to $2.05 on revenue of $5 billion to $5.40 billion. Analysts polled by FactSet expect $1.57 and $4.86 billion, respectively. Texas Instrument shares were up 18.5%.Avis Budget Group (CAR) has seen its stock fall by over 62% in just two days after rising nearly 600% since late March, Bloomberg reported Thursday, citing data from S3 Partners. Avis short sellers pocketed $2.8 billion during Wednesday's rout, countering the $2.7 billion they lost the prior three days, the report said, citing S3 Partners. Avis shares were down 47.1%.Price: $378.26, Change: $-9.25, Percent Change: -2.39%

$CAR$NOW$PSKY$TMO$TSLA$TXN$WBD
Wire

ServiceNow Stock to Trade Range Bound in the Short-Term, RBC Says

ServiceNow's (NOW) stock is expected to trade range-bound in the short term, driven by organic growth confusion and Iran war uncertainty in a seasonally weak Q1, RBC Capital Markets analysts said in a Thursday note."Against negative software investor sentiment, we thought ServiceNow delivered a solid, but messy Q1 report," RBC said.Analysts said that the company is in a good position to monetize artificial intelligence, consolidate spending, and increase itsguidance as the year progresses.RBC said that ServiceNow's penetration with its current core offerings remains relatively low and that it is well positioned to extend into other areas as well, enabling a high growth rate for many years.Analysts adjusted their 2026 earnings estimate for the company to $4.16 from $4.18. Analysts polled by FactSet expect $4.18.RBC has an outperform rating on the stock and a $121 price target.Price: $85.88, Change: $-17.19, Percent Change: -16.68%

$NOW
Wire

ServiceNow's Strong AI Growth in Q1 Offset by Margin Pressure, Softer Outlook, Oppenheimer Says

ServiceNow (NOW) posted strong Q1 results driven by robust AI business growth, but softer organic revenue trends and a slightly weaker margin outlook weighed on the overall forecast, Oppenheimer said in a Thursday note.Oppenheimer noted that AI-related demand remains a key strength and could account for more than 10% of total revenue this year, potentially easing concerns about AI disruption and supporting a higher valuation multiple over time.The analyst flagged softer Q2 guidance, slower organic growth, and margin pressure from acquisition-related costs as near-term headwinds, but still pointed to strength in the AI-driven growth pipeline and capital return activity, according to the note.Oppenheimer said Q1 results beat consensus estimates, driven by strong subscription revenue and continued momentum in large deals and AI adoption, with the company's AI segment expected to reach $1.5 billion in revenue in 2026.The firm maintained its outperform rating on the stock with a price target of $130.Shares of ServiceNow were down nearly 16% in Thursday trading.Price: $86.60, Change: $-16.47, Percent Change: -15.98%

$NOW
Wire

ServiceNow Shares Likely to Continue Facing Downward Pressure, Morgan Stanley Says

ServiceNow (NOW) shares are likely to continue facing downward pressure due to limited visibility on inorganic impact from recent acquisitions and a lack of upward revision to full-year guide, Morgan Stanley said in a Thursday research report.Management forecast "major revenue acceleration" in H2, which could be supported by faster adoption of the Now Assist and positive channel feedback across the durability of the core business and growing demand for newer services, analysts wrote.AI product adoption was solid in Q1, with Now Assist continuing to perform well alongside the company's AI Control Tower and RaptorDB Pro offerings, the firm noted. The company expects Now Assist 2026 sales of $1.5 billion from $1 billion earlier, according to the note.The upcoming analyst day on May 4 gives the company a chance to clear noise coming out of Q1, the firm noted.The brokerage said it reiterated its overweight rating on the stock and adjusted its price target to $180 per share from $210.Price: $85.26, Change: $-17.81, Percent Change: -17.28%

$NOW
US Markets

Stocks Fall Pre-Bell as US-Iran Peace Talks Stall; Traders Parse Tesla's Results

US equity futures were tracking in the red on Thursday, with no apparent signs of progress in peace talks between the US and Iran, while traders digest Tesla's (TSLA) latest financial results.The S&P 500 and the Nasdaq declined 0.6% each in premarket activity, while the Dow Jones Industrial Average was off 0.7%. The indexes finished Wednesday trading in the green, with the S&P 500 and the Nasdaq hitting record highs after a two-day losing streak.Washington and Tehran have so far failed to meet for a reported fresh round of negotiations this week, with Iran continuing its blockade of the Strait of Hormuz. US Vice President JD Vance called off his trip to Pakistan for the talks after Iran reportedly declined to participate.President Donald Trump extended a ceasefire with Iran earlier in the week, though he said the naval blockade of Iranian ports would continue. Iran's Islamic Revolutionary Guard Corps on Wednesday reportedly announced the seizure of two tankers attempting to cross the Strait of Hormuz.West Texas Intermediate crude oil rose 1.8% to $94.60 a barrel before the open, while Brent gained 1.7% to $103.59."Oil prices continue to whipsaw as traders respond to a confusing and often contradictory flow of headlines, underscoring the deep mistrust between Tehran and Washington," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report on Wednesday.Shares of Tesla (TSLA) decreased 3.3% pre-bell even though the electric vehicle manufacturer reported stronger-than-expected first-quarter results. The company expects capital expenditures of more than $25 billion for 2026, resulting in negative free cash flow for the rest of the year, Chief Financial Officer Vaibhav Taneja said during a late Wednesday conference call, according to a FactSet transcript."Tesla is morphing into a physical (artificial intelligence) stalwart," Wedbush Securities said in a Thursday client note. "The path is here and it requires more (capital expenditure)."ServiceNow (NOW) dropped 13% while International Business Machines (IBM) fell 7.1% following their latest quarterly results. Taiwan Semiconductor Manufacturing's (TSM) US-listed stock was down 1.4%.American Express (AXP), Thermo Fisher Scientific (TMO), Union Pacific (UNP), Honeywell International (HON), Lockheed Martin (LMT), Comcast (CMCSA), Infosys (INFY) and Keurig Dr Pepper (KDP) report their earnings before the bell, among others. Intel (INTC) is scheduled to release its results after the markets close.Thursday's economic calendar has the weekly jobless claims bulletin at 8:30 am ET, along with the Chicago Fed national activity index for March. The S&P Global's (SPGI) flash purchasing managers' index for April is out at 9:45 am, followed by the Kansas City Fed manufacturing index for the same month at 11 am.Treasury yields were moving upwards in premarket action, with the two-year rate advancing 2.5 basis points to 3.82% and the 10-year rate adding 2.7 basis points to 4.32%.Gold declined 1% to $4,707 per troy ounce, while bitcoin retreated 1.8% to $77,473.

Dow JonesNasdaq CompositeS&P 500$AXP$CMCSA$HON$IBM$INFY$INTC$KDP$LMT$NOW$SPGI$TMO$TSLA$UNP
Research

Research Alert: Now: Mixed Q1 Performance And Reduced Outlook Weighs On Stock After Hours

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:NOW posted mixed Q1 results, with revenue of $3.77B beating consensus by $20M, and non-GAAP EPS of $0.97 in line with estimates. Total revenues grew 22% Y/Y, while Subscription revenues of $3.671B increased 22% Y/Y, at the high end of the constant currency guidance. AI product adoption surged, with Now Assist customers spending over $1M in ACV growing 130%+ Y/Y, reflecting strong AI monetization momentum, alongside 16 transactions over $5M in net new ACV (up 80% Y/Y). Current RPO of $12.64B grew 22.5% Y/Y, exceeding the 20% constant currency target by 100 bps, demonstrating solid bookings momentum. However, management lowered 2026 guidance incorporating the early closure of the $2.4B Armis acquisition and geopolitical headwinds from delayed Middle East deals. The Armis deal adds 125 bps to growth but creates near-term margin pressure of ~75 bps to operating margin and ~200 bps to FCF margin, with trajectories expected to normalize in 2027.

$NOW
Wire

Capital One Securities Adjusts ServiceNow Price Target to $113 From $158, Maintains Overweight Rating

ServiceNow (NOW) has an average rating of Buy and mean price target of $165.84, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $98.75, Change: $+4.56, Percent Change: +4.84%

$NOW
Wire

ServiceNow Seen Facing Tough AI Disruption Narrative Ahead of Q1 Results, Oppenheimer Says

ServiceNow (NOW) is expected to report Q1 results with positive business trends, but the current artificial intelligence disruption narrative is likely to remain in place, Oppenheimer said in a Wednesday report.Oppenheimer models Q1 revenue of $3.74 billion and pro forma EPS of $0.96.The firm said its checks on demand activity, AI momentum, performance and execution were slightly positive for ServiceNow in the quarter.Industry checks remain constructive for AI spending, but point to a less robust enterprise software buying environment compared with the previous quarter, the firm said.The firm added that ServiceNow could become the first enterprise software company to generate more than 10% of revenue from AI by Q4.Oppenheimer maintained its outperform rating on ServiceNow and lowered its price target to $130 from $175.ServiceNow shares were 6.6% higher in Wednesday trading.Price: $92.99, Change: $+5.20, Percent Change: +5.92%

$NOW
US Markets

Nasdaq Extends Rally to 9th Day as Tech Stocks Jump

The Nasdaq Composite advanced for the ninth straight session on Monday as US equity markets benefited from a jump in technology stocks.The Nasdaq climbed 1.2% to 23,183.7, while the S&P 500 added 1% to 6,886.2. The Dow Jones Industrial Average rose 0.6% to 48,218.3. Barring utilities and consumer staples, all sectors ended in the green, led by tech and financials.Oracle (ORCL) shares surged nearly 13%, the top gainer on the S&P 500. The company said it introduced artificial intelligence-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management.ServiceNow (NOW), Dell Technologies (DELL), Salesforce (CRM) and Microsoft (MSFT) were among tech stocks that registered gains.US earnings growth expectations appear to have shrugged off uncertainty around the Iran war, with markets betting on stronger corporate results this year than those projected before the war began, BlackRock Investment Institute said in a note on Monday.BlackRock upgraded its rating on US stocks to overweight from neutral, saying the Middle East conflict will likely drive limited economic damage.Oil prices, which jumped above $100 per barrel earlier on Monday amid a US blockade of maritime traffic around Iran's ports, pared gains, with West Texas Intermediate crude oil last up 1.3% at $97.83. Brent advanced 3.1% to $98.18.The blockade started at 10 am ET Monday. The development came after the US and Iran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns over an already fragile ceasefire between Washington and Tehran.US President Donald Trump said Iran called this morning and that "they'd like to work a deal," according to a Reuters report. Despite the failed peace talks, a two-week ceasefire announced last week still holds.Trump's remarks come as Iran has vowed to retaliate following the US blockade, CNN reported. The Iran-controlled strait has been effectively shut since the war began at the end of February.Trump is mulling over limited strikes against Iran following the failed negotiations, The Wall Street Journal reported, citing people familiar with the situation."As the conflict with Iran enters its seventh week, persistent concern about the time it will take to arrive at an effective resolution to the conflict will, however, likely remain for now as a negative overhang for market participants to navigate," said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.Meanwhile, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.US Treasury yields were lower, with the 10-year rate last down 4.7 basis points at 4.29% and the two-year rate dropping 2.7 basis points to 3.78%.In company news, Goldman Sachs (GS) on Monday posted first-quarter results above market estimates, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. The lender's shares fell 1.9%, the worst performer on the Dow.JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) are scheduled to release their quarterly results on Tuesday, while Bank of America (BAC) and Morgan Stanley (MS) will announce their results on Wednesday. Outside the banking sector, Johnson & Johnson (JNJ), Netflix (NFLX) and PepsiCo (PEP) are set to release their results this week.In economic news, US existing home sales decreased in March as softening job growth and weaker consumer confidence continued to deter potential buyers, data from the National Association of Realtors showed.Gold was last down 0.4% at $4,766.30 per troy ounce, while silver dropped 1.1% to $75.67 per ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$CRM$DELL$GS$JNJ$JPM$MS$MSFT$NFLX$NOW$ORCL$PEP$WFC
International

US Equity Indexes Rise Amid Gains in Tech, Financials; Crude Oil Pares Gains on Hopes for Iran Deal

US equity indexes rose, with financials and technology topping sector charts, and crude oil futures paring gains after President Donald Trump attempted to cool geopolitical tensions.The Nasdaq Composite jumped 1.2% to 23,183.74, the S&P 500 climbed 1% to 6,886.24, and the Dow Jones Industrial Average advanced 0.6% to 48,218.25. Defensive sectors -- consumer staples and utilities -- were the lone decliners.All three indexes clawed back intraday declines after President Trump said that "we've been called by the other side," referring to Iran. The US-Tehran talks in Pakistan's capital, Islamabad, over the weekend ended without a lasting peace pact, as uranium enrichment and the Strait of Hormuz remained the main sticking points."They'd like to make a deal very badly," Trump was cited as saying in media reports.West Texas Intermediate crude oil futures rose 1.6% to $98.14, and Brent crude futures climbed 3.2% to $98.27, after surging more than 7.5% each intraday.The CBOE Volatility Index slipped 0.6% to 19.12, after touching an intraday high of 21.58.US Treasury yields mostly fell, with the 10-year yield down 2.2 basis points to 4.30%, after rates rose across most of the yield curve earlier in the session.Trump's comments come as the US military blockade on all traffic entering and leaving Iranian ports came into effect on Monday, CNN reported.More than 15 US warships are in place to support the operation, The Wall Street Journal reported, citing a senior official."If any of these ships [that the president refers to as Iran's 'fast attack ships'] come anywhere close to our BLOCKADE, they will be immediately ELIMINATED," Trump said on his Truth Social post. Iran said no port in the Persian Gulf or the Sea of Oman would be safe if its ports are threatened, The Wall Street Journal reported Monday.A US blockade might stop Iran's flow of oil revenue without destroying or capturing Iran's Kharg Island oil loading point, and so "potentially avoid escalatory Iranian attacks on its Gulf neighbors," according to a note from the Wells Fargo Investment Institute.Meanwhile, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg said Monday, citing a person with direct knowledge of the matter.The Q1 earnings season has begun in earnest with the release of Goldman Sachs' quarterly results. Mega-cap banks, including JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Morgan Stanley (MS), will report this week.Further in company news, Oracle (ORCL) said Monday it introduced AI-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management. Shares of the technology giant were up 13%, the top gainer on the S&P 500.Microsoft (MSFT), Salesforce (CRM), and ServiceNow's (NOW) recent sell-offs amid the broader software disposal are disconnected from the artificial intelligence opportunities over the coming years, Wedbush said Monday. Shares of Salesforce and Microsoft were up 4.8% and 3.6%, respectively, the Dow's top gainers.

Dow JonesNasdaq CompositeS&P 500$BAC$C$CRM$GS$JPM$MS$MSFT$NOW$ORCL
International

US Equity Indexes Rise Amid Tech Gains; Crude Oil Jumps as Hormuz Blockade Takes Effect

US equity indexes were higher in Monday's midday trading amid gains in technology and financials.Crude oil futures jumped as geopolitical risk mounted after Iran negotiations failed to yield a lasting peace deal.The Nasdaq Composite rose 0.7% to 23,061.8, and the S&P 500 climbed 0.5% to 6,849.6. Both gauges traded lower earlier in the session. The Dow Jones Industrial Average was slightly up at 47,944.8.Defensive sectors -- consumer staples and utilities -- led the decliners. The financial services sector was among the top gainers, ahead of quarterly earnings from mega-cap banks due this week.Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg said Monday, citing a person with direct knowledge of the matter.Shares of the investment bank dropped 2.5% intraday, the steepest decline on the Dow.Further in company news, Oracle (ORCL) said it introduced AI-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management. Shares of the technology giant were up 11% intraday, the top gainer on the S&P 500.The recent sell-offs in Microsoft (MSFT), Salesforce (CRM), and ServiceNow (NOW) amid broader software apathy are disconnected from the artificial intelligence opportunities over the coming years, as enterprises prioritize integrating AI across tech stacks, Wedbush said in a note. Shares of Salesforce and Microsoft were up 4.7% and 2.9%, respectively, intraday, the Dow's top gainers.Meanwhile, the CBOE Volatility Index was still up 3.7% to 19.93, after touching an intraday high of 21.58, as geopolitical risk remained elevated after the Iran peace talks brokered by Pakistan ended without an agreement with the US.The US military blockade on all traffic entering and leaving Iranian ports started at 10 a.m. ET Monday, after weekend peace talks in Pakistan faltered, CNN reported Monday. "If any of these ships [a reference to what the president calls Iran's 'fast attack ships'] come anywhere close to our BLOCKADE, they will be immediately ELIMINATED," President Donald Trump said on a social media post.Iran responded by saying that no port in the Persian Gulf or the Sea of Oman would be safe if its ports are threatened, The Wall Street Journal reported Monday."Once again, high stakes negotiations between the US and Iran deadlocked over Washington's zero uranium enrichment demand, setting the stage for further escalation in the 6-week war and prolonged supply disruptions in advance of summer driving season," Helima Croft, head of global commodity strategy and MENA research at RBC Capital Markets, said in a note.West Texas Intermediate crude oil futures jumped 5.3% to $101.68, and Brent crude futures climbed 5.5% to $100.40, after surging more than 7.5% earlier in the session.US Treasury yields rose as gains in crude oil futures reignited inflation concerns. The 10-year yield was up 1.6 basis points to 4.33%, and the two-year rate climbed 1.3 basis points to 3.81%. In precious metals, gold futures fell 1.3% to $4,726.9 and silver futures declined 3.3% to $73.97.In US economic news, the pace of US existing home sales fell by 3.6% to a 3.98 million seasonally adjusted annual rate in March from 4.13 million in February, compared with a smaller decrease expected to a 4.05 million rate in a survey compiled by Bloomberg as of 7:30 am ET, data from the National Association of Realtors released Monday showed. Total sales were down 1% from a year earlier."March home sales remained sluggish and below last year's pace," said NAR Chief Economist Lawrence Yun. "Lower consumer confidence and softer job growth continue to hold back buyers."

Dow JonesNasdaq CompositeS&P 500$CRM$GS$MSFT$NOW$ORCL
Wire

Microsoft, Salesforce Recent Sell-Offs Disconnected From Emerging AI Monetization Opportunities, Wedbush Says

Microsoft (MSFT), Salesforce (CRM) and ServiceNow's (NOW) recent sell-offs amid the broader software disposal are disconnected from the AI opportunities over the coming years, with enterprises moving to integrate AI across their tech stacks on a priority, Wedbush said in a note Monday.The brokerage said its tech team has seen a rapid pace of enterprise AI adoption over the past few weeks, as per conversations with multiple customers and partners across the board including throughout Asia, furthering its enterprise software sector AI monetization thesis.Increased AI usage is also lowering the cost and skill required to execute sophisticated cyber attacks, Wedbush said, adding that AI in cybersecurity does not reduce the need for endpoints and their vendors, but multiplies it as more enterprises deploy LLM-powered agents, meaning more run-time monitoring and identity governance.In this context, Wedbush said its favorites included CrowdStrike (CRWD), Palo Alto Networks (PANW), Zscaler (ZS), Check Point Software (CHKP), and Rubrik (RBRK).Price: $378.62, Change: $+7.75, Percent Change: +2.09%

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Wire

BMO Capital Adjusts Price Target on ServiceNow to $120 From $170, Maintains Outperform Rating

ServiceNow (NOW) has an average rating of buy and mean price target of $179.15, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $87.53, Change: $+4.53, Percent Change: +5.46%

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US Markets

S&P 500 Snaps 7-Day Winning Streak as Wall Street Logs Back-to-Back Weekly Gains

The S&P 500 retreated Friday following a seven-day advance ahead of upcoming talks between the US and Iran, while Wall Street notched its second consecutive weekly gain.The index slipped 0.1% to 6,816.9, and the Dow Jones Industrial Average shed 0.6% to 47,916.6. The Nasdaq Composite rose 0.4% to 22,902.9, its eight consecutive day of gains.Most sectors ended in the red, led by consumer staples, while tech paced the gainers.This week, the Nasdaq rallied 4.7%, the S&P 500 advanced 3.6%, and the Dow climbed 3%."In another week of high drama, markets ended in a calmer fashion, awaiting this weekend's direct talks between the US and Iran in Islamabad around the 14-day ceasefire," said Douglas Porter, chief economist at BMO, said in a report.The focus shifts to Pakistan, where officials from Washington and Tehran are expected to meet on Saturday. The truce, which Pakistan helped broker, appeared to be holding so far, though there's uncertainty around the outcome of these talks.Fighting between Israel and Iran-backed Hezbollah continued in Lebanon, CNN reported Friday. Iran's parliament speaker, Mohammad Bagher Ghalibaf, said talks will begin only if there is a ceasefire in Lebanon and blocked Iranian assets are released.West Texas Intermediate crude oil was down 2.3% to $95.63 a barrel in Friday late-afternoon trade.In economic news, US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher, official data showed."The fallout of the US/Israel-Iran war was evident in the March consumer price index," Oxford Economics said in a note.US consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, a survey by the University of Michigan showed.US Treasury yields were higher, with the 10-year rate last up 4.3 basis points at 4.32% and the two-year rate rising 4.1 basis points to 3.81%.In company news, ServiceNow (NOW) shares slumped 7.6%, among the worst performers on the S&P 500.The enterprise software company's competitive advantage may have been eroded amid growing evidence that workflow automation tasks can be automated by harnessing artificial intelligence models, UBS Securities said in a note. The brokerage downgraded its rating on the stock to neutral from buy and slashed its price target to $100 from $170.CoreWeave (CRWV) shares jumped nearly 11% after the AI cloud computing company struck a deal to support the development and deployment of Anthropic's Claude AI models.Major tech names advanced, with Nvidia (NVDA) up 2.6%, the biggest gainer on the Dow, while Super Micro Computer (SMCI) jumped 8.8%, the best performer on the S&P 500. Broadcom (AVGO), Advanced Micro Devices (AMD), and Amazon.com (AMZN) also notched gains.Cloudflare (NET) shares tumbled nearly 14% amid an extended sell-off. The slump offers a buying opportunity, while concerns around Project Glasswing are "overblown" as the cloud-services company is seen benefitting from projected exponential growth in agentic artificial intelligence applications, Oppenheimer said Friday.Project Glasswing is a cross-industry coalition formed to "secure the world's most critical software," Anthropic said in a statement. The alliance, which will be using Anthropic's unreleased Claude Mythos frontier model, includes several big tech names including Amazon Web Services, Broadcom and Nvidia.Gold was down 0.6% at $4,790 per troy ounce, while silver rose 0.1% to $76.48 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$AMZN$AVGO$CRWV$NET$NOW$NVDA$SMCI

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