ServiceNow Inc is trading 4% down at $114.58 after a hotter-than-expected U.S. jobs report pushed investors out of growth and technology stocks.
- The broader market is under pressure, with the S&P 500 and Nasdaq both falling more than 1% as higher-for-longer rate fears weigh on sentiment.
- Ongoing profit-taking in AI and enterprise software names is adding further downward pressure following the robust labor market data.
- Investors are pivoting away from high-valuation tech names as the strong jobs report suggests the Fed may maintain restrictive policy for longer.