ServiceNow, Inc. provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools. It also provides asset management, cloud observability, integrated risk management; information technology (IT) service management applications; IT service management product suite for enterprise's employees, customers, and partners; strategic portfolio management product suite; IT operations management product that connects a customer's physical and cloud-based IT infrastructure; IT asset management; and security operations that connects with internal and third party. In addition, the company offers integrated risk management product to manage risk and resilience; environmental, social and governance management product; human resources, legal, and workplace service delivery products; customer service management product; and field service management applications. Further, the company provides app engine product; automation engine; platform privacy and security product; and source-to-pay operations. It serves to government, financial services, healthcare, telecommunications, manufacturing, IT services, technology, oil and gas, education, and consumer products through service providers and resale partners. The company was formerly known as Service-now.com and changed its name to ServiceNow, Inc. in May 2012. ServiceNow, Inc. was founded in 2004 and is headquartered in Santa Clara, California.

ServiceNow looks like a high-quality but expensive business: revenue, profit, and operating efficiency remain strong, however the valuation already prices in a great deal of optimism. The P/E, P/S, and P/B multiples are noticeably above the industry median, which points to a premium to the sector and limits the potential for further upside without an acceleration in growth. At the same time, P/FCF is only slightly below the industry median, so free cash flow does not look cheap enough to justify the high P/S and P/E. The company’s margins are impressive: gross margin, operating margin, and net profit margin are significantly above industry benchmarks, and this supports the quality of the business and earnings resilience. However, the margin trend over the years is slightly declining rather than improving, which weakens the case for expanding the valuation premium. Return on equity and return on assets remain above the median, but without a clear acceleration, meaning the company retains its quality but is not showing a new jump in efficiency. The debt burden looks comfortable: debt/equity is low and debt is stable, which reduces financial risk and supports the investment profile. The weak point is liquidity: the current ratio is below 1, and the quick ratio is effectively zero, which requires attention to working capital and short-term flexibility. Revenue and gross profit are growing, while EBITDA and operating profit remain positive and stable, confirming the scalability of the model. Equity has also increased compared with the start of the period, although fluctuations in assets and liabilities show that the balance sheet is not the main source of the revaluation. The absence of dividends means that investors are relying solely on growth and multiple expansion rather than current cash yield. Overall, the fundamentals support the company as a strong software leader, but the high relative valuation and imperfect liquidity make the current outlook too optimistic without additional growth acceleration.

ServiceNow, Inc.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, значительно вырос. Рынок на стороне быков.

Strong index, significantly up. The market is on the bulls' side.

Сильный индекс, значительно вырос. Приток средств в лонги на высоком уровне.

Strong index, significantly up. Inflow of funds into longs at a high level.

Strong margins and revenue growth support NOW, but the high P/E, P/S, and P/B valuation and weak liquidity call for a moderate downward revision of the forecast.

The S&P 500 Index ($SPX) (SPY) on Wednesday closed down -1.52%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -2.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.06%. September E-mini S&P futures (ESU26) fell -1.59%, and September E-mini Nasdaq futures (NQU26) fell -2.23%.
Stock indexes retreated on Wednesday, with the S&P 500 sliding to a 1-month low and the Nasdaq 100 sinking to a 3-month low. Chipmakers and AI infrastructure stocks sold off on Wednesday, leading the overall market lower. Also, heightened geopolitical risks are weighing on stocks as crude prices surged, and bond yields jumped when President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan.
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Stocks whipsawed Wednesday afternoon and briefly erased their losses before selling off again into the close after the FOMC kept interest rates unchanged in a hawkish Fed hold. Three Fed members dissented in favor of a quarter-point rate hike, and Fed Chair Warsh said the Fed is committed to “deliver price stability.” The 10-year T-note yield rose +4 bp to 4.64%.
Earnings results from Microsoft and Meta Platforms after Wednesday’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns.
The FOMC, as expected, kept the fed funds target range unchanged at 3.50% to 3.75% in a 9-3 vote, with Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan voting for a quarter-point rate hike.
The post-FOMC statement said, "Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East," adding that "productivity growth and capital investment are strong." Inflation remains elevated "in part reflecting supply shocks that have driven price increases in certain sectors, including energy."
Fed Chair Warsh said, "The economy is showing impressive resilience" even with recent shocks and policymakers "will not hesitate to act" if inflation remains elevated.
Sep WTI crude oil prices (CLU26) jumped by more than +6% on Wednesday as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 87% of the 216 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 56% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 closed down -0.65%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) on Wednesday closed down -1 tick. The 10-year T-note yield rose +3.3 bp to 4.639%. T-notes were under pressure from Wednesday’s +6% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, the FOMC's hawkish hold on interest rates weighed on T-note prices after three Fed members dissented in favor of a 25 bp rate hike, and Fed Chair Warsh said policymakers "will not hesitate to act" if inflation remains elevated.
European government bond yields moved higher on Wednesday. The 10-year German bund yield rose +5.6 bp to 3.160%. The 10-year UK gilt yield rose +9.2 bp to 5.036%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting a 90% chance of a +25 bp ECB rate hike at their next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks fell sharply on Wednesday, weighing on the broader market. The Philadelphia Stock Exchange Semiconductor Index ($SOX) dropped to a 2.5-month low and closed down more than -5%. Nebius Group NV (NBIS) closed down more than -12% to lead losers in the Nasdaq 100, and KLA Corp (KLAC) closed down more than -10%. Also, Micron Technology (MU) closed down more than -9%, and Applied Materials (AMAT) and ARM Holdings (ARM) closed down by more than -8%. In addition, Sandisk (SNDK) and NXP Semiconductors NV (NXPI) closed down more than -7%, and Marvell Technology (MRVL) and Lam Research (LRCX) closed down more than -6%. Finally, Advanced Micro Devices (AMD), Microchip Technology (MCHP), and Intel (INTC) closed down more than -5%.
Airline stocks fell on Wednesday as crude oil prices surged. Alaska Air Group (ALK) closed down more than -5%, and Southwest Airlines (LUV) closed down more than -4%. Also, Delta Air Lines (DAL), American Airlines Group (AAL), and United Airlines Holdings (UAL) closed down more than -3%.
Trucking and freight companies were under pressure on Wednesday amid soaring crude oil prices. ArcBest (ARCB) closed down more than -5%, and FedEx Freight Holding (FDXF) closed down more than -4%. Also, Saia Inc (SAIA) closed down more than -3%, and Old Dominion Freight Line (ODFL) and XPO Inc (XPO) closed down more than -2%. In addition, Marten Transport Ltd (MRTN) closed down more than -1%.
Most software stocks rose on Wednesday as investors rotated out of chipmakers into software. Intuit (INTU) closed up more than +6%, and Adobe Systems (ADBE), Datadog (DDOG), and Workday (WDAY) closed up more than +5%. Also, Atlassian Corp (TEAM) and ServiceNow (NOW) closed up more than +4%, and Salesforce (CRM) closed up more than +3% to lead gainers in the Dow Jones Industrials. In addition, Autodesk (ADSK) closed up more than +3%, and Thomson Reuters (TRI) closed up more than +2%.
Energy producers and service providers rallied on Wednesday, as crude oil prices jumped by more than +6%. APA Corp (APA) closed up more than +5%, and Diamondback Energy (FANG) and Devon Energy (DVN) closed up more than +4%. Also, ConocoPhillips (COP) and Occidental Petroleum (OXY) closed up more than +3%, and ExxonMobil Holdings (XOM) and Chevron (CVX) closed up more than +2%.
Lennox International (LII) closed down more than -20% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) closed down more than -17% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
Masco Corp (MAS) closed down more than -11% after reporting Q2 net sales of $1.99 billion, weaker than the consensus of $2.08 billion.
Caterpillar (CAT) closed down more than -6% to lead losers in the Dow Jones industrials after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Avis Budget Group (CAR) closed down more than -6% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Humana (HUM) closed down more than -5% after it maintained its full-year profit outlook despite posting better-than-expected Q2 profit.
Garmin Ltd (GRMN) closed up more than +16% to lead gainers in the S&P 500 after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
GE Healthcare (GEHC) closed up more than +12% to lead gainers in the Nasdaq 100 after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Amphenol (APH) closed up more than +4% after reporting Q2 net sales of $8.76 billion, better than the consensus of $8.31 billion.
Ford Motor (F) closed up more than +2% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/30/2026)
A O Smith Corp (AOS), Air Products and Chemicals Inc (APD), Alliant Energy Corp (LNT), Altria Group Inc (MO), Amazon.com Inc (AMZN), American Electric Power Co Inc (AEP), Apple Inc (AAPL), Arthur J Gallagher & Co (AJG), Avery Dennison Corp (AVY), Baxter International Inc (BAX), Bristol-Myers Squibb Co (BMY), Builders FirstSource Inc (BLDR), Camden Property Trust (CPT), Cigna Group/The (CI), Coinbase Global Inc (COIN), Corteva Inc (CTVA), CRH PLC (CRH), Dexcom Inc (DXCM), Edison International (EIX), EMCOR Group Inc (EME), Erie Indemnity Co (ERIE), Eversource Energy (ES), Exelon Corp (EXC), First Solar Inc (FSLR), GoDaddy Inc (GDDY), Hershey Co/The (HSY), Huntington Ingalls Industries (HII), Ingersoll Rand Inc (IR), Intercontinental Exchange Inc (ICE), International Paper Co (IP), KKR & Co Inc (KKR), Labcorp Holdings Inc (LH), Live Nation Entertainment Inc (LYV), Martin Marietta Materials Inc (MLM), Mastercard Inc (MA), Mettler-Toledo International Inc (MTD), Monolithic Power Systems Inc (MPWR), Norwegian Cruise Line Holdings (NCLH), Quanta Services Inc (PWR), Regeneron Pharmaceuticals Inc (REGN), Southern Co/The (SO), Stryker Corp (SYK), Trane Technologies PLC (TT), Valero Energy Corp (VLO), Weyerhaeuser Co (WY), Willis Towers Watson PLC (WTW), Xcel Energy Inc (XEL), Yum! Brands Inc (YUM).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Plunge on a Rout in Chipmakers and a Hawkish Fed Hold

The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.21%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +1.03%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.98%. September E-mini S&P futures (ESU26) rose +0.24%, and September E-mini Nasdaq futures (NQU26) fell -0.88%.
Stock indexes settled mixed on Tuesday, with the Dow Jones Industrials climbing to a 1.5-week high and the Nasdaq 100 falling to a 2.75-month low. Better-than-expected earnings from Boeing, Coca-Cola and Sherwin-Williams were supportive of stocks on Tuesday. Also, software stocks rose as investors rotated into sectors that had recently underperformed.
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However, the Nasdaq 100 was under pressure amid a deepening rout in chipmakers and AI-infrastructure stocks, driven by fresh concerns over artificial intelligence spending and rising competition from China. Also, the unexpected decline in US July consumer confidence weighed on market sentiment on Tuesday.
Lower crude oil prices have also eased inflation concerns and pushed bond yields lower, supporting stocks. Sep WTI crude oil prices (CLU26) fell by more than -4% on Tuesday to a 1-week low, as the US and Iran extended their pause in hostilities. The focus is now on talks between Iran and Oman over reopening the Strait of Hormuz. The 10-year T-note yield fell -5 bp to 4.60%.
However, tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, President Trump on Tuesday said that the US would “take out” Pickaxe Mountain, an Iranian facility that the US and Israel said they suspect is a nuclear site, if there wasn’t a deal. In addition, Houthi militants said they would continue striking Saudi Arabia after claiming to have struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday. Yanbu, the western end of the East-West pipeline, has become Saudi Arabia’s key crude export outlet since the Strait of Hormuz has been effectively shut off by the war.
The US May S&P composite-20 home price index rose +1.6% y/y, stronger than expectations of +1.3% y/y and the largest increase in 10 months.
The Conference Board US Jul consumer confidence index unexpectedly fell by -1.4 to 90.8, weaker than expectations of an increase to 92.4.
The US Jul Richmond Fed manufacturing survey rose +1 to 5, weaker than expectations of 6.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms on Wednesday, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 170 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 30% chance of a +25 bp rate hike at the Tue/Wed FOMC meeting.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 closed up +0.12%. China's Shanghai Composite closed down -1.16%. Japan's Nikkei-225 Stock Average fell to a 2-month low and closed down sharply by -3.95%.
Interest Rates
September 10-year T-notes (ZNU6) on Tuesday closed up +7.5 ticks. The 10-year T-note yield fell -4.9 bp to 4.600%. T-notes pushed higher on Tuesday as a -4% plunge in crude oil prices eased inflation expectations. The 10-year breakeven inflation rate fell to a 1-month low of 2.192% on Tuesday. T-notes also rose after US July consumer confidence unexpectedly declined. Solid demand for the Treasury’s $44 billion auction of 7-year T-notes was bullish for T-note prices, as the auction had a bid-to-cover ratio of 2.49, better than the 10-auction average of 2.47.
European government bond yields moved lower on Tuesday. The 10-year German bund yield fell to a 2-week low of 3.103% and finished down -2.9 bp to 3.104%. The 10-year UK gilt yield slid to a 1-week low of 4.944% and finished down -5.2 bp to 4.944%.
The France Jul consumer confidence survey rose +2 to a 4-month high of 86, stronger than expectations of 85.
The markets are discounting an 86% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Software stocks rallied on Tuesday, a supportive factor for the overall market. Workday (WDAY) closed up more than +8% to lead gainers in the Nasdaq 100, and Thomson Reuters (TRI) and Autodesk (ADSK) closed up more than +5%. Also, Adobe (ADBE), ServiceNow (NOW), Salesforce (CRM), and Atlassian (TEAM) closed up more than +4%, and Intuit (INTU) closed up more than +3%. In addition, Microsoft (MSFT) and Cadence Design Systems (CDNS) closed up more than +1%.
Chipmakers and AI-infrastructure stocks retreated on Tuesday, weighing on the Nasdaq 100. The iShares Semiconductor ETF (SOXX) dropped to a 2.5-month low and closed down more than -4%. Sandisk (SNDK) closed down more than -14% to lead losers in the S&P 500 and Nasdaq 100, and Advanced Micro Devices (AMD), ARM Holdings Plc (ARM), Micron Technology (MU) and Seagate Technology Holdings Plc (STX) closed down more than -8%. Also, Applied Materials (AMAT), Marvell Technology (MRVL), and Lam Research (LRCX) closed down more than -7%, and KLA Corp (KLAC) and Western Digital (WDC) closed down more than -6%. In addition, Intel (INTC) closed down more than -5%, and Qualcomm (QCOM) closed down more than -4%.
Cryptocurrency-exposed stocks moved lower on Tuesday after Bitcoin (^BTCUSD) fell more than -1% to a 1-week low. Galaxy Digital Holdings (GLXY) closed down more than -9%, and MARA Holdings (MARA) closed down more than -4%. Also, Strategy (MSTR), Riot Platforms (RIOT), and Circle Internet Group (CRCL) closed down more than -2%, and Coinbase Global (COIN) closed down -0.39%.
IQVIA Holdings (IQV) closed up more than +13% to lead gainers in the S&P 500 after boosting its full-year revenue forecast to $17.28 billion to $17.48 billion from a previous forecast of $17.15 billion to $17.35 billion, stronger than the consensus of $17.28 billion.
Sherwin-Williams (SHW) closed up more than +8% to lead gainers in the Dow Jones Industrials after reporting adjusted EPS of $3.70, better than the consensus of $3.51, and raising its full-year adjusted EPS forecast to $11.80 to $12.20 from a previous forecast of $11.50 to $11.90, above the consensus of $11.76.
Nucor (NUE) closed up more than +7% after reporting Q2 net sales of $10.40 billion, above the consensus of $10.03 billion.
Coca-Cola (KO) closed up +5% after raising its full-year comparable EPS forecast to +9% to +10% from a previous view of +8% to +9%.
Boeing (BA) closed up more than +4% after reporting Q2 revenue of $24.56 billion, stronger than the consensus of $24.26 billion.
Amkor Technology (AMKR) closed down more than -24% after forecasting Q3 net sales of $1.95 billion to $2.05 billion, weaker than the consensus of $2.11 billion.
Corning (GLW) closed down more than -12% after forecasting Q3 core sales of $4.9 billion to $5.0 billion, the midpoint below the consensus of $5.0 billion.
Noble Corp. (NE) closed down more than -9% after cutting its full-year adjusted Ebitda estimate to $850 million to $925 million from a previous forecast of $940 million to $1.02 billion, below the consensus of $970.3 million.
Carrier Global (CARR) closed down more than -8% after reporting Q2 gross margin of 27.2%, below the consensus of 28.1%.
RXO Inc (RXO) closed down more than -6% after TD Cowen downgraded the stock to sell from hold with a price target of $19.
Earnings Reports (7/29/2026)
Align Technology Inc (ALGN), American Water Works Co Inc (AWK), Amphenol Corp (APH), Aon PLC (AON), Automatic Data Processing Inc (ADP), Biogen Inc (BIIB), Boston Scientific Corp (BSX), Bunge Global SA (BG), Carvana Co (CVNA), CBRE Group Inc (CBRE), CH Robinson Worldwide Inc (CHRW), Chipotle Mexican Grill Inc (CMG), Cognizant Technology Solutions (CTSH), Electronic Arts Inc (EA), Entergy Corp (ETR), Equinix Inc (EQIX), Essex Property Trust Inc (ESS), Everest Group Ltd (EG), Fair Isaac Corp (FICO), Flex Ltd (FLEX), Fortinet Inc (FTNT), Fortive Corp (FTV), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), General Dynamics Corp (GD), Humana Inc (HUM), IDEX Corp (IEX), Invitation Homes Inc (INVH), Johnson Controls International (JCI), L3Harris Technologies Inc (LHX), Lam Research Corp (LRCX), Lennox International Inc (LII), Masco Corp (MAS), Meta Platforms Inc (META), MGM Resorts International (MGM), Microsoft Corp (MSFT), Mid-America Apartment Communities (MAA), Old Dominion Freight Line Inc (ODFL), O'Reilly Automotive Inc (ORLY), Procter & Gamble Co/The (PG), PTC Inc (PTC), Public Storage (PSA), QUALCOMM Inc (QCOM), Regency Centers Corp (REG), Robinhood Markets Inc (HOOD), Smurfit Westrock PLC (SW), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Tyler Technologies Inc (TYL), Ventas Inc (VTR), Verisk Analytics Inc (VRSK), Vertiv Holdings Co (VRT), VICI Properties Inc (VICI), Vulcan Materials Co (VMC), Waste Management Inc (WM), WEC Energy Group Inc (WEC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Mostly Higher on Positive Earnings Results

ServiceNow (NYSE: NOW), Palantir (NASDAQ: PLTR), and Tempus AI (NASDAQ: TEM) are pursuing a potentially enormous opportunity as AI moves from generating information to completing valuable professional work. Their proprietary data and embedded workflows could position them to capture the next phase of AI spending, but each offers a distinctly different combination of growth, maturity, and risk.
Stock prices used were the market prices of July 26, 2026. The video was published on July 26, 2026.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Powerful AI Stocks Poised for the Next Massive Shift

The S&P 500 Index ($SPX) (SPY) today is up +0.05%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.738%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.12%. September E-mini S&P futures (ESU26) are up +0.05%, and September E-mini Nasdaq futures (NQU26) are down -1.20%.
Stock indexes are mixed today, with the Dow Jones Industrials climbing to a 1.5-week high and the Nasdaq 100 falling to a 2.75-month low. Better-than-expected earnings from Coca-Cola and Sherwin-Williams are supportive of stocks today. However, the Nasdaq 100 is under pressure today amid a deepening rout in chipmakers and AI-infrastructure stocks, driven by fresh concerns over artificial intelligence spending and rising competition from China. Also, the unexpected decline in US July consumer confidence is weighing on market sentiment today. Losses in stock indexes are limited as investors rotate into sectors that tend to generate relatively stable revenue regardless of the economic cycle.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Lower crude oil prices have also eased inflation concerns and are pushing bond yields lower, supporting stocks. Sep WTI crude oil prices (CLU26) are down by more than -1% today to a 1-week low, as the US and Iran extended their pause in hostilities. The focus is now on talks between Iran and Oman over reopening the Strait of Hormuz. The 10-year T-note yield is down -4 bp to 4.61%.
However, tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf and President Trump raised the possibility of intensified action against Iran. Also, Houthi militants in Yemen claimed to have struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday. Yanbu, the western end of the East-West pipeline, has become Saudi’s key crude export outlet since the Strait of Hormuz has effectively been shut off by the war. Jizan is home to a refinery and export terminal along the Red Sea.
The US May S&P composite-20 home price index rose +1.6% y/y, stronger than expectations of +1.3% y/y and the largest increase in 10 months.
The Conference Board US Jul consumer confidence index unexpectedly fell by -1.4 to 90.8, weaker than expectations of an increase to 92.4.
The US Jul Richmond Fed manufacturing survey rose +1 to 5, weaker than expectations of 6.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are waiting for results from a raft of megacap technology companies this week, including Amazon.com, Meta Platforms, and Microsoft. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 145 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 30% chance of a +25 bp rate hike at the Tue/Wed FOMC meeting.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.06%. China's Shanghai Composite closed down -1.16%. Japan's Nikkei-225 Stock Average fell to a 2-month low and closed down sharply by -3.95%.
Interest Rates
September 10-year T-notes (ZNU6) today are up +6 ticks. The 10-year T-note yield is down -3.4 bp to 4.614%. T-notes are climbing today as a -1% fall in crude oil prices eases inflation expectations. The 10-year breakeven inflation rate fell to a 1-month low of 2.192% today. Also, short covering ahead of the 2-day FOMC meeting that begins today is supporting T-note prices. T-notes raced to their highs today after US July consumer confidence unexpectedly declined. Supply pressures are limiting gains in T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 2-week low of 3.106% and is down -0.7 bp to 3.126%. The 10-year UK gilt yield slid to a 1-week low of 4.945% and is down -2.9 bp to 4.968%.
The France Jul consumer confidence survey rose +2 to a 4-month high of 86, stronger than expectations of 85.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are falling today, weighing on the broader market. The iShares Semiconductor ETF (SOXX) dropped to a 2.5-month low and is down more than -5%. Sandisk (SNDK) is down more than -14% to lead losers in the Nasdaq 100, and Western Digital (WDC) is down more than -13%. Also, Seagate Technology Holdings Plc (STX) is down more than -11%, and Micron Technology (MU) and Lam Research (LRCX) are down more than -9%. In addition, Advanced Micro Devices (AMD), ARM Holdings Plc (ARM), Applied Materials (AMAT), and Marvell Technology (MRVL) are down more than -8%, and Intel (INTC) and KLA Corp (KLAC) are down more than -6%.
Cryptocurrency-exposed stocks are moving lower today, with Bitcoin (^BTCUSD) down more than -2% at a 1-week low. Galaxy Digital Holdings (GLXY) is down more than -8%, and MARA Holdings (MARA) is down more than -5%. Also, Riot Platforms (RIOT) is down more than -4%, and Circle Internet Group (CRCL) is down more than -3%. In addition, Coinbase Global (COIN) and Strategy (MSTR) are down more than -1%.
Software stocks are mostly higher today, a supportive factor for the overall market. Workday (WDAY) is up more than +7% to lead gainers in the Nasdaq 100, and Thomson Reuters (TRI) is up more than +6%. Also, Autodesk (ADSK) is up more than +5%, and Adobe (ADBE), Intuit (INTU), ServiceNow (NOW), and Salesforce (CRM) are up more than +4%. In addition, Atlassian (TEAM) is up more than +2%, and Microsoft (MSFT) and Cadence Design Systems (CDNS) are up more than +1%.
Amkor Technology (AMKR) is down more than -22% after forecasting Q3 net sales of $1.95 billion to $2.05 billion, weaker than the consensus of $2.11 billion.
Corning (GLW) is down more than -18% to lead losers in the S&P 500 after forecasting Q3 core sales of $4.9 billion to $5.0 billion, the midpoint below the consensus of $5.0 billion.
Noble Corp. (NE) is down more than -7% after cutting its full-year adjusted Ebitda estimate to $850 million to $925 million from a previous forecast of $940 million to $1.02 billion, below the consensus of $970.3 million.
RXO Inc (RXO) is down more than -6% after TD Cowen downgraded the stock to sell from hold with a price target of $19.
IQVIA Holdings (IQV) is up more than +12% to lead gainers in the S&P 500 after boosting its full-year revenue forecast to $17.28 billion to $17.48 billion from a previous forecast of $17.15 billion to $17.35 billion, stronger than the consensus of $17.28 billion.
Sherwin-Williams (SHW) is up more than +7% to lead gainers in the Dow Jones Industrials after reporting adjusted EPS of $3.70, better than the consensus of $3.51, and raising its full-year adjusted EPS forecast to $11.80 to $12.20 from a previous forecast of $11.50 to $11.90, above the consensus of $11.76.
Coca-Cola (KO) is up more than +6% after raising its full-year comparable EPS forecast to up +9% to +10% from a previous view of +8% to +9%.
Nucor (NUE) is up more than +4% after reporting Q2 net sales of $10.40 billion, above the consensus of $10.03 billion.
Intuitive Surgical (ISRG) is up more than +2% after UBS upgraded the stock to buy from hold with a price target of $500.
Earnings Reports (7/28/2026)
American Tower Corp (AMT), Arch Capital Group Ltd (ACGL), Armstrong World Industries Inc (AWI), Avis Budget Group Inc (CAR), Axalta Coating Systems Ltd (AXTA), Axis Capital Holdings Ltd (AXS), Bloom Energy Corp (BE), Boeing Co/The (BA), BXP Inc (BXP), Caesars Entertainment Inc (CZR), Carrier Global Corp (CARR), Centene Corp (CNC), CenterPoint Energy Inc (CNP), Chemed Corp (CHE), CMS Energy Corp (CMS), Coca-Cola Co/The (KO), Corning Inc (GLW), CoStar Group Inc (CSGP), Crane Co (CR), DTE Energy Co (DTE), Ecolab Inc (ECL), Enphase Energy Inc (ENPH), ExlService Holdings Inc (EXLS), Expand Energy Corp (EXE), Extra Space Storage Inc (EXR), FirstEnergy Corp (FE), Ford Motor Co (F), HF Sinclair Corp (DINO), Hilton Worldwide Holdings Inc (HLT), Hubbell Inc (HUBB), Illinois Tool Works Inc (ITW), Incyte Corp (INCY), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KLA Corp (KLAC), Landstar System Inc (LSTR), Liberty Live Holdings Inc (LLYVA), Manhattan Associates Inc (MANH), Mondelez International Inc (MDLZ), NOV Inc (NOV), NXP Semiconductors NV (NXPI), Omnicom Group Inc (OMC), Oshkosh Corp (OSK), PACCAR Inc (PCAR), PayPal Holdings Inc (PYPL), Pentair PLC (PNR), PPG Industries Inc (PPG), Qorvo Inc (QRVO), Repligen Corp (RGEN), Rithm Capital Corp (RITM), Royal Caribbean Cruises Ltd (RCL), S&P Global Inc (SPGI), Seagate Technology Holdings PL (STX), Sherwin-Williams Co/The (SHW), Skyworks Solutions Inc (SWKS), STAG Industrial Inc (STAG), Teradyne Inc (TER), Textron Inc (TXT), TransUnion (TRU), United Parcel Service Inc (UPS), Unum Group (UNM), Veralto Corp (VLTO), Visa Inc (V), WP Carey Inc (WPC), Xylem Inc/NY (XYL).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Mixed on Earnings Results and Weakness in Chipmakers

The S&P 500 Index ($SPX) (SPY) today is down -0.22%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.68%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.50%. September E-mini S&P futures (ESU26) are down -0.29%, and September E-mini Nasdaq futures (NQU26) are down -1.56%.
Stock indexes are mixed today, with the Dow Jones Industrials posting a 1.5-week high and the Nasdaq 100 falling to a 2.75-month low. Better-than-expected earnings from Coca-Cola and Sherwin-Williams are supportive of stocks today. However, the Nasdaq 100 is under pressure today amid a deepening rout in chipmakers and AI-infrastructure stocks, driven by fresh concerns over artificial intelligence spending and rising competition from China. Also, losses in stock indexes are limited as investors rotate into other sectors of the market that tend to generate relatively stable revenues regardless of the economic cycle.
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Lower crude oil prices have also eased inflation concerns and are pushing bond yields lower, supporting stocks. Sep WTI crude oil prices (CLU26) are down by more than 1% today to a 1-week low, as the US and Iran extended their pause in hostilities. The focus is now on talks between Iran and Oman over reopening the Strait of Hormuz. The 10-year T-note yield is down -2 bp to 4.63%
However, tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf and President Trump raised the possibility of intensified action against Iran. Also, Houthi militants in Yemen claimed to have struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday. Yanbu, the western end of the East-West pipeline, has become Saudi’s key crude export outlet since the Strait of Hormuz has effectively been shut off by the war. Jizan is home to a refinery and export terminal along the Red Sea.
The US May S&P composite-20 home price index rose +1.6% y/y, stronger than expectations of +1.3% y/y and the largest increase in 10 months.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are waiting for results from a raft of megacap technology companies this week, including Amazon.com, Meta Platforms, and Microsoft. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 135 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 32% chance of a +25 bp rate hike at the next FOMC meeting on Tue/Wed.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.37%. China's Shanghai Composite closed down -1.16%. Japan's Nikkei-225 Stock Average fell to a 2-month low and closed down sharply by -3.95%.
Interest Rates
September 10-year T-notes (ZNU6) today are up +4 ticks. The 10-year T-note yield is down -2.2 bp to 4.626%. T-notes are climbing today as a -1% fall in crude oil prices eases inflation expectations. The 10-year breakeven inflation rate fell to a 1-month low of 2.192% today. Also, short covering ahead of the 2-day FOMC meeting that begins today is supporting T-note prices. Supply pressures are limiting gains in T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 2-week low of 3.106% and is down -0.4 bp to 3.129%. The 10-year UK gilt yield slid to a 1-week low of 4.945% and is down -2.7 bp to 4.970%.
The France Jul consumer confidence survey rose +2 to a 4-month high of 86, stronger than expectations of 85.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are falling today, weighing on the broader market. The iShares Semiconductor ETF (SOXX) dropped to a 2.25-month low and is down more than -5%. Western Digital (WDC) is down more than -13% to lead losers in the Nasdaq 100, and Seagate Technology Holdings Plc (STX) is down more than -12%. Also, Micron Technology (MU) and Marvell Technology (MRVL) are down more than -9%, and Advanced Micro Devices (AMD), ARM Holdings Plc (ARM), and Lam Research (LRCX) are down more than -8%. In addition, Applied Materials (AMAT) and Intel (INTC) are down more than -7%, and KLA Corp (KLAC) is down more than -6%.
Cryptocurrency-exposed stocks are moving lower today, with Bitcoin (^BTCUSD) down more than -3% at a 1-week low. Galaxy Digital Holdings (GLXY) is down more than -9%, and MARA Holdings (MARA) and Riot Platforms (RIOT) are down more than -7%. Also, Circle Internet Group (CRCL) is down more than -6%, and Coinbase Global (COIN) and Strategy (MSTR) are down more than -4%.
Software stocks are mostly higher today, a supportive factor for the overall market. Autodesk (ADSK), Thomson Reuters (TRI), and Workday (WDAY) are up more than +4%, and Adobe (ADBE), Intuit (INTU), and Salesforce (CRM) closed up more than +3%. Also, Microsoft (MSFT), ServiceNow (NOW), Atlassian (TEAM), and Cadence Design Systems (CDNS) are up more than +1%.
Amkor Technology (AMKR) is down more than -21% after forecasting Q3 net sales of $1.95 billion to $2.05 billion, weaker than the consensus of $2.11 billion.
Corning (GLW) is down more than -18% to lead losers in the S&P 500 after forecasting Q3 core sales of $4.9 billion to $5.0 billion, the midpoint below the consensus of $5.0 billion.
Noble Corp. (NE) is down more than -5% after cutting its full-year adjusted Ebitda estimate to $850 million to $925 million from a previous forecast of $940 million to $1.02 billion, below the consensus of $970.3 million.
RXO Inc (RXO) is down more than -5% after TD Cowen downgraded the stock to sell from hold with a price target of $19.
IQVIA Holdings (IQV) is up more than +14% to lead gainers in the S&P 500 after boosting its full-year revenue forecast to $17.28 billion to $17.48 billion from a previous forecast of $17.15 billion to $17.35 billion, stronger than the consensus of $17.28 billion.
Sherwin-Williams (SHW) is up more than +6% to lead gainers in the Dow Jones Industrials after reporting adjusted EPS of $3.70, better than the consensus of $3.51, and raising its full-year adjusted EPS forecast to $11.80 to $12.20 from a previous forecast of $11.50 to $11.90, above the consensus of $11.76.
Coca-Cola (KO) is up more than +6% after raising its full-year comparable EPS forecast to up +9% to +10% from a previous view of +8% to +9%.
Nucor (NUE) is up more than +5% after reporting Q2 net sales of $10.40 billion, above the consensus of $10.03 billion.
Intuitive Surgical (ISRG) is up more than +4% after UBS upgraded the stock to buy from hold with a price target of $500.
Earnings Reports (7/28/2026)
American Tower Corp (AMT), Arch Capital Group Ltd (ACGL), Armstrong World Industries Inc (AWI), Avis Budget Group Inc (CAR), Axalta Coating Systems Ltd (AXTA), Axis Capital Holdings Ltd (AXS), Bloom Energy Corp (BE), Boeing Co/The (BA), BXP Inc (BXP), Caesars Entertainment Inc (CZR), Carrier Global Corp (CARR), Centene Corp (CNC), CenterPoint Energy Inc (CNP), Chemed Corp (CHE), CMS Energy Corp (CMS), Coca-Cola Co/The (KO), Corning Inc (GLW), CoStar Group Inc (CSGP), Crane Co (CR), DTE Energy Co (DTE), Ecolab Inc (ECL), Enphase Energy Inc (ENPH), ExlService Holdings Inc (EXLS), Expand Energy Corp (EXE), Extra Space Storage Inc (EXR), FirstEnergy Corp (FE), Ford Motor Co (F), HF Sinclair Corp (DINO), Hilton Worldwide Holdings Inc (HLT), Hubbell Inc (HUBB), Illinois Tool Works Inc (ITW), Incyte Corp (INCY), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KLA Corp (KLAC), Landstar System Inc (LSTR), Liberty Live Holdings Inc (LLYVA), Manhattan Associates Inc (MANH), Mondelez International Inc (MDLZ), NOV Inc (NOV), NXP Semiconductors NV (NXPI), Omnicom Group Inc (OMC), Oshkosh Corp (OSK), PACCAR Inc (PCAR), PayPal Holdings Inc (PYPL), Pentair PLC (PNR), PPG Industries Inc (PPG), Qorvo Inc (QRVO), Repligen Corp (RGEN), Rithm Capital Corp (RITM), Royal Caribbean Cruises Ltd (RCL), S&P Global Inc (SPGI), Seagate Technology Holdings PL (STX), Sherwin-Williams Co/The (SHW), Skyworks Solutions Inc (SWKS), STAG Industrial Inc (STAG), Teradyne Inc (TER), Textron Inc (TXT), TransUnion (TRU), United Parcel Service Inc (UPS), Unum Group (UNM), Veralto Corp (VLTO), Visa Inc (V), WP Carey Inc (WPC), Xylem Inc/NY (XYL).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Mixed as Weakness in Chipmakers Deepens

Investors with an interest in Computers - IT Services stocks have likely encountered both Fujitsu Ltd. (FJTSY) and ServiceNow (NOW). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Fujitsu Ltd. has a Zacks Rank of #2 (Buy), while ServiceNow has a Zacks Rank of #4 (Sell) right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that FJTSY has an improving earnings outlook. But this is only part of the picture for value investors.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
FJTSY currently has a forward P/E ratio of 18.75, while NOW has a forward P/E of 25.92. We also note that FJTSY has a PEG ratio of 0.99. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. NOW currently has a PEG ratio of 1.02.
Another notable valuation metric for FJTSY is its P/B ratio of 2.76. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, NOW has a P/B of 8.72.
These metrics, and several others, help FJTSY earn a Value grade of B, while NOW has been given a Value grade of D.
FJTSY is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that FJTSY is likely the superior value option right now.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
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ServiceNow, Inc. (NOW) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

FJTSY or NOW: Which Is the Better Value Stock Right Now?

The S&P 500 Index ($SPX) (SPY) on Monday closed up +0.02%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.51%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.32%. September E-mini S&P futures (ESU26) rose +0.02%, and September E-mini Nasdaq futures (NQU26) fell -0.33%.
Stock indexes settled mixed on Monday, with the Dow Jones Industrial Average posting a 1-week high and the Nasdaq 100 falling to a 2.5-month low. The weakness in chipmakers and AI-infrastructure stocks on Monday weighed on the Nasdaq 100 and limited gains in the broader market. Investors rotated out of semiconductor and AI-infrastructure stocks on Monday and into beaten-down sectors, such as software.
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Stocks initially jumped on Monday after the US and Iran held off on attacks for a third straight day, easing geopolitical risks, pushing crude oil prices sharply lower, and helping lift global stock and bond markets. On Sunday, Mike Waltz, US ambassador to the United Nations, said the US is giving diplomacy “some space.” The plunge in crude oil prices on Monday knocked the 10-year T-note yield down -4 bp to 4.64%.
Monday’s US economic news showed strength in the economy and is supportive of stocks after US Jun capital goods new orders nondefense ex-aircraft, a proxy for capital spending, rose +0.9% m/m, stronger than expectations of +0.7% m/m.
Sep WTI crude oil prices (CLU26) plunged by more than -7% on Monday as tensions eased in the Middle East after the US held off against further airstrikes on Iran for a third straight day and Iran signaled it was refraining from any retaliation as it held negotiations with Oman over the Strait of Hormuz.
However, tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf and President Trump raised the possibility of intensified action against Iran. Also, Houthi militants in Yemen claimed to have struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday. Yanbu, the western end of the East-West pipeline, has become Saudi’s key crude export outlet since the Strait of Hormuz has effectively been shut off by the war. Jizan is home to a refinery and export terminal along the Red Sea.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are waiting for results from a raft of megacap technology companies this week, including Amazon.com, Meta Platforms, and Microsoft. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 135 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 38% chance of a +25 bp rate hike at the next FOMC meeting on Tue/Wed.
Overseas stock markets settled higher on Monday. The Euro Stoxx 50 climbed to a 2.5-week high and closed up +0.02%. China's Shanghai Composite closed up +1.15% on Friday. Japan's Nikkei-225 Stock Average closed up +0.50%.
Interest Rates
September 10-year T-notes (ZNU6) on Monday closed up +8 ticks. The 10-year T-note yield fell -3.6 bp to 4.641%. T-notes moved higher amid Monday’s -7% plunge in crude oil prices, which eased inflation expectations. The 10-year breakeven inflation rate fell to a 1-month low of 2.201% on Monday. Weak demand for the Treasury’s $70 billion auction of 5-year T-notes limited gains in T-notes as the auction had a bid-to-cover ratio of 2.28, below the 10-auction average of 2.35 and the lowest in 3.75 years.
European government bond yields moved lower on Monday. The 10-year German bund yield fell -3.9 bp to 3.133%. The 10-year UK gilt yield fell -3.5 bp to 4.997%.
The German Jul IFO business confidence index rose +0.9 to a 5-month high of 86.6, stronger than expectations of 86.0.
ECB Governing Council member Peter Kazimir said "he remains of the view that the ECB will have to raise interest rates at least one more time" to ensure that inflation risks don't spin out of control.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks retreated on Monday, weighing on the broader market. The iShares Semiconductor ETF (SOXX) fell to a 1-week low and closed down more than -2%. Sandisk (SNDK) closed down more than -12% to lead losers in the S&P 500 and Nasdaq 100, and Advanced Micro Devices (AMD) and ASML Holding NV (ASML) closed down more than -5%. Also, Western Digital (WDC), Lam Research (LRCX), and Seagate Technology Holdings Plc (STX) closed down more than -4%, and Micron Technology (MU), Applied Materials (AMAT), and KLA Corp (KLAC) closed down more than -3%. In addition, Marvell Technology (MRVL) closed down more than -2%.
Energy producers and service providers moved lower on Monday amid the -7% decline in crude oil prices. Devon Energy (DVN), Diamondback Energy (FANG), and Occidental Petroleum (OXY) closed down more than -4%, and APA Corp (APA), ConocoPhillips (COP), and Haliburton (HAL) closed down more than -3%. Also, Chevron (CVX) closed down more than -2%, and ExxonMobil Holdings (XOM) and SLB Ltd (SLB) closed down more than -1%.
Software stocks rallied on Monday, a supportive factor for the overall market. Atlassian (TEAM) closed up more than +10%, and Workday (WDAY) closed up more than +9% to lead gainers in the S&P 500. Also, Thomson Reuters (TRI) closed up more than +8%, and Autodesk (ADSK) and Palantir Technologies (PLTR) closed up more than +7%. In addition, ServiceNow (NOW) closed up more than +6%, and Salesforce (CRM) closed up more than +6% to lead gainers in the Dow Jones Industrials. Finally, Adobe (ADBE) closed up more than +5%, Oracle (ORCL) closed up more than +4%, Intuit (INTU) and Datadog (DDOG) closed up by more than +2%, and Microsoft (MSFT) closed up by more than +1%.
Airline stocks and cruise line operators moved higher on Monday after crude oil prices plunged more than -7%. American Airlines Group (AAL), Carnival (CCL), Norwegian Cruise Line Holdings (NCLH), and Royal Caribbean Cruises (RCL) closed up more than +3%, and Alaska Air Group (ALK) closed up more than +2%. Also, United Airlines Holdings (UAL) and Delta Air Lines (DAL) closed up more than +1%, and Southwest Airlines (LUV) closed up +0.67%.
CH Robinson Worldwide (CHRW) closed down more than -6%, adding to last Friday’s -9% plunge, to lead trucking and freight companies lower after a Dallas jury awarded $604 million in compensatory damages against the company and two other defendants for a verdict related to a trucking accident. Also, FedEx Freight Holding Company (FDXF) and Marten Transport (MRTN) closed down more than -4%, and Arcbest (ARCB) closed down more than -3%. In addition, Old Dominion Freight Line (ODFL), Knight-Swift Transportation (KNX), JB Hunt Transport (JBHT), and XPO Inc (XPO) closed down more than -2%.
MapLight Therapeutics (MPLT) closed down more than -71% after posting results from a mid-stage trial of its experimental therapy to treat schizophrenia, which Stifel said did not meet the “upside case” scenario.
Nvidia (NVDA) closed down more than -4% to lead losers in the Dow Jones Industrials after announcing it had made a “substantial” investment in AI startup Safe Superintelligence.
Forte Biosciences (FBRX) closed up more than +39% after Argenx SE agreed to buy the company for about $2.2 billion, or $77 a share.
D-Wave Quantum (QBTS) closed up more than +20% after Benchmark Company LLC reinstated coverage on the stock with a recommendation of buy and a price target of $30.
IonQ (IONQ) closed up more than +9% after Benchmark Company LLC reinstated coverage on the stock with a recommendation of buy and a price target of $60.
Baker Hughes (BKR) closed up more than +6% after reporting Q2 revenue of $6.74 billion, better than the consensus of $6.51 billion.
Rocket Lab Corp. (RKLB) closed up more than +4% after KGI Securities upgraded the stock to outperform from neutral with a price target of $107.
Earnings Reports (7/28/2026)
American Tower Corp (AMT), Arch Capital Group Ltd (ACGL), Armstrong World Industries Inc (AWI), Avis Budget Group Inc (CAR), Axalta Coating Systems Ltd (AXTA), Axis Capital Holdings Ltd (AXS), Bloom Energy Corp (BE), Boeing Co/The (BA), BXP Inc (BXP), Caesars Entertainment Inc (CZR), Carrier Global Corp (CARR), Centene Corp (CNC), CenterPoint Energy Inc (CNP), Chemed Corp (CHE), CMS Energy Corp (CMS), Coca-Cola Co/The (KO), Corning Inc (GLW), CoStar Group Inc (CSGP), Crane Co (CR), DTE Energy Co (DTE), Ecolab Inc (ECL), Enphase Energy Inc (ENPH), ExlService Holdings Inc (EXLS), Expand Energy Corp (EXE), Extra Space Storage Inc (EXR), FirstEnergy Corp (FE), Ford Motor Co (F), HF Sinclair Corp (DINO), Hilton Worldwide Holdings Inc (HLT), Hubbell Inc (HUBB), Illinois Tool Works Inc (ITW), Incyte Corp (INCY), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KLA Corp (KLAC), Landstar System Inc (LSTR), Liberty Live Holdings Inc (LLYVA), Manhattan Associates Inc (MANH), Mondelez International Inc (MDLZ), NOV Inc (NOV), NXP Semiconductors NV (NXPI), Omnicom Group Inc (OMC), Oshkosh Corp (OSK), PACCAR Inc (PCAR), PayPal Holdings Inc (PYPL), Pentair PLC (PNR), PPG Industries Inc (PPG), Qorvo Inc (QRVO), Repligen Corp (RGEN), Rithm Capital Corp (RITM), Royal Caribbean Cruises Ltd (RCL), S&P Global Inc (SPGI), Seagate Technology Holdings PL (STX), Sherwin-Williams Co/The (SHW), Skyworks Solutions Inc (SWKS), STAG Industrial Inc (STAG), Teradyne Inc (TER), Textron Inc (TXT), TransUnion (TRU), United Parcel Service Inc (UPS), Unum Group (UNM), Veralto Corp (VLTO), Visa Inc (V), WP Carey Inc (WPC), Xylem Inc/NY (XYL).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Mixed as AI Angst Offsets Easing Geopolitical Tensions

The S&P 500 Index ($SPX) (SPY) today is up +0.11%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.54%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.46%. September E-mini S&P futures (ESU26) are up +0.11%, and September E-mini Nasdaq futures (NQU26) are down +0.40%.
Stock indexes gave up early gains today and are trading mixed, with the Nasdaq 100 falling to a 2.5-month low. The weakness in chipmakers is weighing on the broader market as investors rotate out of semiconductor and AI-infrastructure stocks and into beaten-down sectors, such as software.
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Stocks initially jumped today, with the Dow Jones Industrial Average posting a 1-week high after the US and Iran held off attacks on one another for a third straight day, easing geopolitical risks, pushing crude oil prices down sharply, and helping lift global stock and bond markets. On Sunday, Mike Waltz, US ambassador to the United Nations, said the US is giving diplomacy “some space.” The plunge in crude oil prices today has knocked the 10-year T-note yield down -3 bp to 4.65%.
Today’s US economic news shows strength in the economy and is supportive of stocks after US Jun capital goods new orders, nondefense ex-aircraft, rose +0.9% m/m, stronger than expectations of +0.7% m/m.
Sep WTI crude oil prices (CLU26) are down more than -6% today, as tensions eased in the Middle East after the US held off against further airstrikes on Iran for a third straight day and Iran signaled it was refraining from any retaliation as it held negotiations with Oman over the Strait of Hormuz.
However, tensions remain high in the Middle East as President Trump has raised the possibility of intensified action against Iran. Also, Houthi militants in Yemen claimed to have struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday. Yanbu, the western end of the East-West pipeline, has become Saudi’s key crude export outlet since the Strait of Hormuz has effectively been shut off by the war. Jizan is home to a refinery and export terminal along the Red Sea.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are waiting for results from a raft of megacap technology companies this week, including Amazon.com, Meta Platforms, and Microsoft. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 135 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 38% chance of a +25 bp rate hike at the next FOMC meeting on Tue/Wed.
Overseas stock markets are higher today. The Euro Stoxx 50 climbed to a 2.5-week high and is up +0.39%. China's Shanghai Composite closed up +1.15% on Friday. Japan's Nikkei-225 Stock Average closed up +0.50%.
Interest Rates
September 10-year T-notes (ZNU6) today are up +5 ticks. The 10-year T-note yield is down -2.4 bp to 4.653%. T-notes are moving higher amid today’s -6% plunge in crude oil prices, which eases inflation expectations. The 10-year breakeven inflation rate fell to a 3-week low of 2.221% today. Supply pressures are limiting the upside in T-notes as the Treasury will auction $183 billion of T-notes today and tomorrow, beginning with a $69 billion auction of 2-year T-notes and a $70 billion auction of 5-year T-notes later today.
European government bond yields are moving lower today. The 10-year German bund yield is down -4.6 bp to 3.126%. The 10-year UK gilt yield is down -4.9 bp to 4.983%.
The German Jul IFO business confidence index rose +0.9 to a 5-month high of 86.6, stronger than expectations of 86.0.
ECB Governing Council member Peter Kazimir said "he remains of the view that the ECB will have to raise interest rates at least one more time" to ensure that inflation risks don't spin out of control.
The markets are discounting an 89% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are falling today, weighing on the broader market. The iShares Semiconductor ETF (SOXX) is down more than -3% at a 1-week low. Sandisk (SNDK) is down more than -11% to lead losers in the S&P 500 and Nasdaq 100, and Advanced Micro Devices (AMD) and Western Digital (WDC) are down more than -6%. Also, Lam Research (LRCX), ASML Holding NV (ASML), Micron Technology (MU), Applied Materials (AMAT), and Seagate Technology Holdings Plc (STX) are down more than -5%, and KLA Corp (KLAC) is down more than -4%. In addition, Marvell Technology (MRVL) is down more than -3%, and Intel (INTC) and Microchip Technology (MCHP) are down more than -2%.
Energy producers and service providers are sliding today amid the -6% decline in crude oil prices. ConocoPhillips (COP), Devon Energy (DVN), Diamondback Energy (FANG), and Occidental Petroleum (OXY) are down more than -2%. Also, Haliburton (HAL), APA Corp (APA), ExxonMobil Holdings (XOM), and Chevron (CVX) are down more than -1%.
MapLight Therapeutics (MPLT) is down more than -64% after posting results from a mid-stage trial of its experimental therapy to treat schizophrenia, which Stifel said did not meet the “upside case” scenario.
Nvidia (NVDA) is down more than -4% to lead losers in the Dow Jones Industrials after announcing it had made a “substantial” investment in AI startup Safe Superintelligence.
Software stocks are rallying today, a supportive factor for the overall market. Workday (WDAY) is up more than +8% to lead gainers in the S&P 500 and Nasdaq 100, and Atlassian (TEAM) is up more than +7%. Also, Autodesk (ADSK) and Oracle (ORCL) are up more than +5%, and Salesforce (CRM) is up more than +4% to lead gainers in the Dow Jones Industrials. In addition, Adobe (ADBE) is up more than +4%, and ServiceNow (NOW), Palantir Technologies (PLTR), and Intuit (INTU) are up more than +3%. Finally, Microsoft (MSFT) is up by more than +2%, and Datadog (DDOG) is up by more than +1%.
Airline stocks and cruise line operators are climbing today with the -6% plunge in crude oil prices. Alaska Air Group (ALK), Carnival (CCL), and Norwegian Cruise Line Holdings (NCLH) are up more than +2%. Also, United Airlines Holdings (UAL), American Airlines Group (AAL), and Delta Air Lines (DAL) are up more than +1%. Also, Southwest Airlines (LUV) is up +0.53%.
Forte Biosciences (FBRX) is up more than +39% after Argenx SE agreed to buy the company for about $2.2 billion, or $77 a share.
D-Wave Quantum (QBTS) is up more than +16% after Benchmark Company LLC reinstated coverage on the stock with a recommendation of buy and a price target of $30.
IonQ (IONQ) is up more than +7% after Benchmark Company LLC reinstated coverage on the stock with a recommendation of buy and a price target of $60.
Baker Hughes (BKR) is up more than +6% after reporting Q2 revenue of $6.74 billion, better than the consensus of $6.51 billion.
Rocket Lab Corp. (RKLB) is up more than +2% after KGI Securities upgraded the stock to outperform from neutral with a price target of $107.
Earnings Reports (7/27/2026)
Rambus Inc (RMBS), Welltower Inc (WELL), Kilroy Realty Corp (KRC), Brown & Brown Inc (BRO), Principal Financial Group Inc (PFG), UDR Inc (UDR), Sanmina Corp (SANM), Nucor Corp (NUE), Sun Communities Inc (SUI), Universal Health Services Inc (UHS), Amkor Technology Inc (AMKR), F5 Inc (FFIV), Cincinnati Financial Corp (CINF), Element Solutions Inc (ESI), Applied Digital Corp (APLD), Cadence Design Systems Inc (CDNS), Brixmor Property Group Inc (BRX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Fall from Early Highs as Chipmakers Retreat

The S&P 500 Index ($SPX) (SPY) today is up +0.65%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +1.08%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.56%. September E-mini S&P futures (ESU26) are up +0.65%, and September E-mini Nasdaq futures (NQU26) are up +0.60%.
Stock indexes are moving higher today, with the Dow Jones Industrial Average posting a 1-week high after the US and Iran held off attacks on one another for a third straight day, easing geopolitical risks, pushing crude oil prices down sharply, and helping lift global stock and bond markets. On Sunday, Mike Waltz, US ambassador to the United Nations, said the US is giving diplomacy “some space.” Stocks tied to the global buildout of artificial intelligence, from chipmakers to electrical equipment manufacturers, are leading the broader market higher today. The plunge in crude oil prices today has knocked the 10-year T-note yield down -3 bp to 4.65%.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s US economic news shows strength in the economy and is supportive for stocks after US Jun capital goods new orders nondefense ex-aircraft, and parts rose +0.9% m/m, stronger than expectations of +0.7% m/m.
Sep WTI crude oil prices (CLU26) are down more than -5% today, as tensions eased in the Middle East after the US held off against further airstrikes on Iran for a third straight day and Iran signaled it was refraining from any retaliation as it held negotiations with Oman over the Strait of Hormuz.
However, tensions remain high in the Middle East as President Trump has raised the possibility of intensified action against Iran. Also, Houthi militants in Yemen claimed to have struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday. Yanbu, the western end of the East-West pipeline, has become Saudi’s key crude export outlet since the Strait of Hormuz has effectively been shut off by the war. Jizan is home to a refinery and export terminal along the Red Sea.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are waiting for results from a raft of megacap technology companies this week, including Amazon.com, Meta Platforms, and Microsoft. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 135 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 34% chance of a +25 bp rate hike at the next FOMC meeting on Tue/Wed.
Overseas stock markets are higher today. The Euro Stoxx 50 climbed to a 2.5-week high and is up +1.12%. China's Shanghai Composite closed up +1.15% on Friday. Japan's Nikkei-225 Stock Average closed up +0.50%.
Interest Rates
September 10-year T-notes (ZNU6) today are up +6 ticks. The 10-year T-note yield is down -2.6 bp to 4.651%. T-notes are moving higher amid today’s -6% plunge in crude oil prices, which eases inflation expectations. Supply pressures are limiting the upside in T-notes as the Treasury will auction $183 billion of T-notes today and tomorrow, beginning with a $69 billion auction of 2-year T-notes and a $70 billion auction of 5-year T-notes later today.
European government bond yields are moving lower today. The 10-year German bund yield is down -3.8 bp to 3.134%. The 10-year UK gilt yield is down -3.9 bp to 4.993%.
The German Jul IFO business confidence index rose +0.9 to a 5-month high of 86.6, stronger than expectations of 86.0.
ECB Governing Council member Peter Kazimir said "he remains of the view that the ECB will have to raise interest rates at least one more time" to ensure that inflation risks don't spin out of control.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Software stocks are rallying today, a supportive factor for the overall market. Atlassian (TEAM) and Workday (WDAY) are up more than +6%, and Oracle (ORCL) is up more than +5%. Also, ServiceNow (NOW), Palantir Technologies (PLTR), Salesforce (CRM), Adobe (ADBE), and Datadog (DDOG) are up more than +3%. In addition, Microsoft (MSFT) and Intuit (INTU) are up more than +2%.
Airline stocks and cruise line operators are climbing today with the plunge in crude oil prices. Alaska Air Group (ALK) and Carnival (CCL) are up more than +4%, and United Airlines Holdings (UAL) and Norwegian Cruise Line Holdings (NCLH) are up more than +3%. Also, American Airlines Group (AAL), Delta Air Lines (DAL), Southwest Airlines (LUV), and Royal Caribbean Cruises (RCL) are up more than +2%.
Energy producers and service providers are sliding today, with the -5% plunge in crude oil prices. ConocoPhillips (COP), ExxonMobil Holdings (XOM), Devon Energy (DVN), and Diamondback Energy (FANG) are down more than -2%. Also, Haliburton (HAL), APA Corp (APA), and Chevron (CVX) are down more than -1%.
Forte Biosciences (FBRX) is up more than +39% after Argenx SE agreed to buy the company for about $2.2 billion, or $77 a share.
D-Wave Quantum (QBTS) is up more than +16% after Benchmark Company LLC reinstated coverage on the stock with a recommendation of buy and a price target of $30.
IonQ (IONQ) is up more than +12% after Benchmark Company LLC reinstated coverage on the stock with a recommendation of buy and a price target of $60.
Baker Hughes (BKR) is up more than +8% to lead gainers in the S&P 500 and Nasdaq 100 after reporting Q2 revenue of $6.74 billion, better than the consensus of $6.51 billion.
Mobileye Global (MBLY) is up more than +9% after Piper Sandler upgraded the stock to overweight from neutral with a price target of $12.
Rocket Lab Corp. (RKLB) is up more than +6% after KGI Securities upgraded the stock to outperform from neutral with a price target of $107.
MapLight Therapeutics (MPLT) is down more than -66% after posting results from a mid-stage trial of its experimental therapy to treat schizophrenia, which Stifel said did not meet the “upside case” scenario.
Nvidia (NVDA) is down more than -2% to lead losers in the Dow Jones Industrials after announcing it had made a “substantial” investment in AI startup Safe Superintelligence.
Earnings Reports (7/27/2026)
Rambus Inc (RMBS), Welltower Inc (WELL), Kilroy Realty Corp (KRC), Brown & Brown Inc (BRO), Principal Financial Group Inc (PFG), UDR Inc (UDR), Sanmina Corp (SANM), Nucor Corp (NUE), Sun Communities Inc (SUI), Universal Health Services Inc (UHS), Amkor Technology Inc (AMKR), F5 Inc (FFIV), Cincinnati Financial Corp (CINF), Element Solutions Inc (ESI), Applied Digital Corp (APLD), Cadence Design Systems Inc (CDNS), Brixmor Property Group Inc (BRX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Rally as Middle East Tensions Ease

Key Points
The sell-off in the stock doesn't match up with the momentum in the business.
ServiceNow's revenue growth has accelerated through the first half of 2026.
Management still expects revenue to more than double by 2030.
ServiceNow (NYSE: NOW) stock has fallen 37% so far this year, as Wall Street has grown more concerned about the potential for agentic AI to disrupt traditional software businesses' pricing and put pressure on their sales. Yet ServiceNow's revenue growth has accelerated each quarter this year, making the stock's discounted valuation a compelling opportunity for investors.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
ServiceNow is benefiting from AI demand
ServiceNow has described itself as the "AI Control Tower" for the enterprise. AI agents require governance and security, which could drive significant demand for ServiceNow's offerings over the long term. The company reported a 24% year-over-year increase in revenue in the second quarter, up from 22% growth in Q1 and 20.5% in Q4 2025.
The fear on Wall Street is that productivity gains from using agentic AI will reduce the need for the customers of software-as-a-service (SaaS) companies to add seats or licensed users to their contracts, which could pressure revenues. But ServiceNow management revealed that 50% of its net new business is non-seat-based, suggesting these concerns might be overblown.
ServiceNow is transitioning its business model away from per-seat pricing and toward a consumption model under which customers pay based on how much they use the software. On that score, the company appears to be succeeding, as the number of customers with agentic AI in production grew 9x over the last nine months -- pointing to growing consumption in the coming years.
A key competitive advantage for ServiceNow is its treasure trove of data. Its platform processes over 100 billion workflows and trillions of transactions every year. This allows ServiceNow to deliver more accurate outcomes for customers than alternatives, which in turn can support its long-term growth.
Growth and return expectations
Given the strong top-line growth so far in 2026, management raised its full-year guidance. Subscription revenue is expected to land in a range between $15.755 billion and $15.77 billion, representing a roughly 21% year-over-year growth rate on a constant-currency basis. It also expects a healthy gross margin of 81% and a free cash flow margin of 35%.
Management is targeting $32 billion in revenue by 2030 -- roughly double the expected 2026 revenue. That should translate to proportional earnings and free-cash-flow growth. Yet the stock is trading at a forward price-to-earnings multiple of 23. This is a big discount to the higher multiples it has received historically due to the predictable nature of its subscription-based business model.
Assuming the stock continues to trade at the same multiple it carries now, it could at least double in value in five years. Analysts expect earnings to grow 24% annually in the coming years, which could translate into market-beating returns.
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John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ServiceNow. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.