NEW YORK — ServiceNow (NOW) moved against the broader tech market selloff, holding firm while the Nasdaq Composite dropped 2.1 percent to $25,163 and the S&P 500 fell 1.2 percent to $7,412.
The decline hit major tech names hard. Apple slid 1.6 percent to $320.72, Microsoft lost 2.3 percent to $381.21, Amazon retreated 4.2 percent to $234.68, Alphabet fell 6.5 percent to $319.81 and Meta Platforms dropped 3.5 percent to $605.01.
ServiceNow's strength stems from its IT workflow automation and enterprise AI platform. Large organizations continue to invest in digital transformation and cost reduction even during economic uncertainty, and ServiceNow's tools are deeply embedded in that spending. That positioning creates recurring demand that is difficult for customers to cut.
Analysts point to the company's subscription model and high customer retention as key supports. Mizuho Securities analyst Gregg Moskowitz maintained a Buy rating, citing strong pipeline growth in the public sector and financial services, and said increasing adoption of ServiceNow's AI-powered tools is driving higher average contract values.
The company's enterprise value to forward revenue multiple remains attractive relative to software peers. Its execution in mission-critical enterprise workflows has insulated it from the volatility hitting broader growth stocks.
ServiceNow is expanding its platform into generative AI applications for IT service management and customer workflows, keeping it ahead of competitors and reinforcing its relevance for large enterprise clients. The company's next earnings report will offer a cleaner read on whether that demand is accelerating.
