The stock market bounced back on Tuesday as data consumer confidence improved for the first time in three months. Consumers find optimism toward the economy and have a better outlook on inflation.
Meanwhile, the 10-year Treasury yield dropped 5 basis points to 4.34%.
Overall, S&P 500 was up 0.1% to 4,555, while NASDAQ increased 0.3% to 14,282.
Tweet of the Day
$AAPL will officially mass-produce the first-generation MR product Vision Pro in December
— Felix Wang, CFA (@HEGlobalTech) November 28, 2023
Chart of the Day
Here is the ten-year chart of ServiceNow (NOW) as of November 8, 2023, when the stock was at $625.
ServiceNow builds applications that help automate processes and create efficient workflows, to enable work to flow naturally across different departments of a business. Its product portfolio is on a single cloud platform called the Now Platform. This Platform integrates easily with other enterprise systems including Microsoft Teams and Azure, Amazon Web Services, Splunk, SAP, Oracle, YouTube, Google Cloud, and CrowdStrike among others.
ServiceNow had another excellent quarter, delivering earnings above estimates and raising its revenue outlook for 2023. Profits grew a whopping 49% on 25% revenue growth. Management said generative AI represents a real tailwind to the company’s growth. ServiceNow has greater than 300 customers lined up to acquire ServiceNow’s AI offerings. In September, the company launched the Vancouver release which integrates generative AI across all workflows in the Now Platform. Despite Vancouver being released a day before the end of the quarter, ServiceNow signed four large deals with the new release. This has led to the highest number of customer requests for a pre-released product in the company’s history. Early adopters include real estate leader CBRE, NVIDIA (NVDA), and Teleperformance. On top of the Vancouver release, NOW also launched NowAssist, an expanding family of generative AI features to increase productivity with the Now Platform.
NOW is a core holding in the Growth Portfolio and Aggressive Growth Portfolio.
