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Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.7% and the State Street SPDR S&P Semiconductor ETF (XSD) rising 2.4%.The Philadelphia Semiconductor index climbed nearly 3%.In corporate news, Amazon-backed (AMZN) Anthropic is exploring plans to design its own AI chips as it grapples with industry-wide shortages, Reuters reported. Amazon shares were up 2%.ServiceNow (NOW) shares fell 8.3%. The enterprise software company's competitive advantage may have eroded amid growing evidence that workflow automation tasks can be automated by harnessing AI models, UBS Securities said in a note. The brokerage downgraded its rating on the stock to neutral from buy and lowered its price target to $100 from $170.CoreWeave (CRWV) shares surged past 10% after the AI cloud computing company struck a deal to support the development and deployment of Anthropic's Claude AI models.Commvault Systems (CVLT) is exploring a sale after receiving takeover interest from multiple private equity firms and strategic buyers, Reuters reported. The data protection software provider is working with Goldman Sachs (GS) to weigh its options, the report said. Commvault shares popped 9%.

$AMZN$CRWV$CVLT$NOW

US Markets66d ago

Equity Markets Mixed Intraday Ahead of US-Iran Talks

US benchmark equity indexes were mixed intraday as traders awaited upcoming talks between Washington and Iran and parsed the latest inflation data.The Dow Jones Industrial Average was down 0.6% at 47,922.5 after midday Friday, while the S&P 500 fell 0.1% to 6,815.3. The Nasdaq Composite rose 0.2% to 22,870.8. Among sectors, consumer staples saw the biggest decline, while technology paced the gainers.West Texas Intermediate crude oil was up 0.5% at $98.32 a barrel intraday.Officials from the US and Iran are expected to meet Saturday in Pakistan, which helped broker a recent two-week truce between the two countries.The US is ready to renew and increase strikes on Iran if the parties are unable to reach a peace deal in the upcoming talks, CNN reported Friday, citing President Donald Trump. Negotiations can't start until the US agrees to a ceasefire in Lebanon and the release of blocked Iranian assets, the news outlet reported, citing Iran's parliament speaker.US Treasury yields were higher intraday, with the 10-year rate up four basis points at 4.32% and the two-year rate rising 3.9 basis points to 3.81%.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."Demographic groups across age, income, and political party all posted setbacks in sentiment, as did every component of the index, reflecting the widespread nature of this month's fall," Surveys of Consumers Director Joanne Hsu said. "Economic expectations will likely improve after consumers gain confidence that the supply disruptions stemming from the Iran conflict have ended and gas prices have moderated."In company news, ServiceNow (NOW) shares were down 8.6% intraday, among the worst performers on the S&P 500.The enterprise software company's competitive advantage may have 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 lowered its price target to $100 from $170.CoreWeave (CRWV) shares jumped 11% after the AI cloud computing company struck a deal to support the development and deployment of Anthropic's Claude AI models.Other major tech names were also advancing intraday, with Nvidia (NVDA) up 2.4%, the biggest gainer on the Dow, while Super Micro Computer (SMCI) jumped 9.2%, the best performer on the S&P 500. Broadcom (AVGO), Advanced Micro Devices (AMD), and Amazon.com (AMZN) were also firmly in the green.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$NOW$NVDA$SMCI

US Markets66d ago

ServiceNow's Moat Threatened Amid Growing AI Automation Risks, UBS Says in Downgrade

ServiceNow's (NOW) competitive advantage may have eroded amid growing evidence that workflow automation tasks can be automated by harnessing artificial intelligence models, UBS Securities said in a note e-mailed Friday.The company, which provides both software- and platform-as-a-service offerings, may also be facing headwinds from indications of reduced enterprise spending on non-AI or core software, the brokerage said."Our view to date, and the reason why ServiceNow has been our only buy-rated application software stock, has been that it has a wider moat and a more compelling 'AI winner' narrative than peers such as Salesforce (CRM) and Workday (WDAY)," UBS analysts Karl Keirstead and Claire Gerdes said in a note to clients."Now, we have less confidence in that view given anecdotes that workflow automation tasks can indeed be automated by harnessing AI models, raising the risk that more enterprises may do so instead of upgrading to ServiceNow's Pro Plus/Now Assist stock keeping unit," the duo wrote.UBS downgraded its rating on the ServiceNow stock to neutral from buy and lowered its price target to $100 from $170.The company's shares were down 8.6% in Friday afternoon trade, bringing its year-to-date losses to 46%.UBS said it now sees ServiceNow posting "skinnier-than-normal" beats in the quarters ahead."While ServiceNow has a strong track record of beating its guidance and hence we're not calling for a miss, the most likely scenario now appears to be skinnier-than-normal beats in the coming quarters and more limited upside to the guidance for stable organic (constant-current subscription revenue) growth of 19% in 2026," the analysts said.Earlier this year, ServiceNow agreed to integrate OpenAI's AI models directly into its business software under a multiyear deal aimed at helping accelerate enterprise AI adoption and outcomes.ServiceNow is scheduled to report first-quarter financial results April 22.Price: $82.33, Change: $-7.48, Percent Change: -8.33%

$CRM$NOW$WDAY

Asia Markets66d ago

US Equity Futures Flat Pre-Bell as Traders Track Developments in Fragile US-Iran Ceasefire

US equity futures were flat pre-bell Friday as traders were wary of the fragile two-week ceasefire between the US and Iran.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.3% higher.The Strait of Hormuz remains shut, while Israel continues to exchange fire with Hezbollah in Lebanon, even with the US-Iran talks scheduled on Saturday morning in Islamabad. Israel has said it would start talks with the Lebanese government targeting to disarm Hezbollah and end attacks in the nation.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.5% at $95.42 per barrel and US West Texas Intermediate crude 0.5% lower at $97.42 per barrel.The March consumer price index, released at 8:30 am ET, gained 0.9% as expected, compared with a 0.3% increase in the previous month, according to estimates compiled by Bloomberg. The University of Michigan consumer sentiment index for April is expected at 51.5%, down from 53.3% previously, and the February factory orders are expected to have declined 0.2% following an increase of 0.1% in January. The two reports are scheduled for 10 am ET.In other world markets, Japan's Nikkei closed 1.8% higher, Hong Kong's Hang Seng ended 0.6% higher, and China's Shanghai Composite finished 0.5% higher. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was up 0.8% in Europe's early afternoon session.In equities, Taiwan Semiconductor Manufacturing (TSM) shares were up 2.3% after the company reported higher Q1 net revenue. Marvell Technology (MRVL) shares were 3.5% higher after Barclays upgraded the company's stock to overweight from equalweight.On the losing side, ServiceNow (NOW) shares were down 1.6% after the company said it is shifting its entire product portfolio from artificial intelligence sidecars to full AI integration. UBS also downgraded the company's stock to neutral from buy.

Dow JonesNasdaq CompositeS&P 500$MRVL$NOW$TSM

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