War in Iran Impacts Tech Stocks

The war in Iran is causing market turmoil, with oil and fertilizer prices surging due to the closure of the Strait of Hormuz. This is leading to increased energy costs and potential food price hikes, threatening a global recession. Tech stocks are also feeling the heat, with ServiceNow reporting delayed government deals in the Middle East, which impacted their first-quarter revenue growth. While ServiceNows overall results matched estimates, billings missed expectations and they cut adjusted operating margin forecasts. IBM also beat first-quarter estimates but held guidance steady due to war uncertainty. Other software firms are experiencing similar macro jitters, as the conflict creates uncertainty across industries. Investors are concerned about the wars endgame and potential further pullbacks in tech portfolios. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/02ef7d98c831b779