NOW

Snowflake shares surged approximately 35%, on pace for their best single-day gain ever, driven by AI-related enthusiasm. The move lifted peers including ServiceNow, Oracle, and Palantir, though Salesforce moved against the trend. No specific earnings, product, or deal catalyst is detailed in the article beyond broad AI sentiment.

The stock market held near record highs this week, with Intel leading a rally in chipmakers that helped offset weakness in ServiceNow and the broader software sector. Apple CEO Tim Cook is reported to be leaving the company. Tesla was also noted as a stock in focus for the week.

U.S. equity markets pulled back Thursday after record highs, with the S&P 500 and Nasdaq declining amid geopolitical tensions in the Strait of Hormuz and weak forward guidance from major tech names. IBM and ServiceNow (NOW) missed on forward guidance despite beating quarterly results, while Tesla reversed early gains following a substantial capex increase announcement. The selloff was concentrated in mega-cap tech rather than being broad-based, with oil prices rising on Middle East tensions.

SaaS stocks posted a modest rebound Monday following a sharp AI-agent-driven selloff, with Wedbush's Dan Ives characterizing the prior decline as "overdone" and arguing AI deployments will expand software budgets. Salesforce, ServiceNow, Oracle, Cloudflare, Snowflake, Palo Alto Networks, and Zscaler were among the names finding support. Jim Cramer referenced the sector recovery as the "software empire strikes back."

ServiceNow (NOW) fell 19% over the week, marking its worst performance since 2016 and the worst showing in the S&P 500 for the period. The decline followed a UBS downgrade from Buy to Neutral and a price target cut from $170 to $100, citing a de-rating of high-multiple software stocks. Analysts flagged a broader enterprise IT budget shift toward AI projects and away from traditional software categories as a structural headwind.