Software stocks slide as Fortinet, ServiceNow fail to meet lofty investor expectations
Published . Updated .
Covered by 2 outlets: Reuters, Central Oregon Daily.
Who covered it: Center 1 · Not rated 1. How we rate outlets
Oct 29 (Reuters) - Shares of software companies tumbled on Thursday following disappointing results from Fortinet and ServiceNow, deepening worries about AI disruption that has plagued the sector.
Directly affected
Indirectly affected
- IGV iShares Expanded Tech-Software ETF+5.6% 9d
iShares Expanded Tech-Software ETF: it holds software companies. Linked by “software” (software) in this story.
- QQQ Invesco QQQ+2.3% 19d
Invesco QQQ: it holds the big tech and AI names. Linked by “ai” (AI and big tech) in this story.
- MSFT Microsoft+6.8% 30d
Microsoft (prepackaged software): software firms move with business tech spending. Linked by “software” (software) in this story.
- ORCL Oracle-4.2% 30d
Oracle (prepackaged software): software firms move with business tech spending. Linked by “software” (software) in this story.
- CRM Salesforce-0.2% 30d
Salesforce (prepackaged software): software firms move with business tech spending. Linked by “software” (software) in this story.
- GOOGL Alphabet-6.3% 30d
Alphabet (computer programming, data processing, etc.): software firms move with business tech spending. Linked by “software” (software) in this story.
- AMZN Amazon.com+1.4% 30d
Amazon.com (catalog and mail-order houses): big tech's AI spending and demand drive its shares. Linked by “ai” (AI and big tech) in this story.
- NVDA Nvidia-1.8% 30d
Nvidia (semiconductors and related devices): big tech's AI spending and demand drive its shares. Linked by “ai” (AI and big tech) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| FTNT | -0.71% | +5.24% | base | -22.15% | after close | after close | after close |
| NOW | +4.74% | +5.51% | base | -27.23% | after close | after close | after close |
| IGV | -2.85% | -0.52% | base | -4.26% | after close | after close | after close |
| QQQ | -2.90% | -1.86% | base | -1.79% | after close | after close | after close |
| MSFT | -2.00% | +0.06% | base | -0.90% | after close | after close | after close |
| ORCL | -13.02% | -12.63% | base | -4.03% | after close | after close | after close |
| CRM | +3.25% | +2.14% | base | -4.74% | after close | after close | after close |
| GOOGLNo price data for this ticker | — | — | — | — | — | — | — |
| AMZNNo price data for this ticker | — | — | — | — | — | — | — |
| NVDANo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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Software stocks slide as Fortinet, ServiceNow fail to meet lofty investor expectations Reuters
Source: Reuters
Price since this story was published: Ishares Tr (IGV)
| Company | When | Move | Status |
|---|---|---|---|
| Salesforce (CRM) | that day | -4.74% | still updating |
| Salesforce (CRM) | three days earlier | +2.14% | final price |
| Salesforce (CRM) | five days earlier | +3.25% | final price |
| FTNT | that day | -22.15% | still updating |
| FTNT | three days earlier | +5.24% | final price |
| FTNT | five days earlier | -0.71% | final price |
| Ishares Tr (IGV) | that day | -4.26% | still updating |
| Ishares Tr (IGV) | three days earlier | -0.52% | final price |
| Ishares Tr (IGV) | five days earlier | -2.85% | final price |
| Microsoft (MSFT) | that day | -0.90% | still updating |
| Microsoft (MSFT) | three days earlier | +0.06% | final price |
| Microsoft (MSFT) | five days earlier | -2.00% | final price |
| ServiceNow (NOW) | that day | -27.23% | still updating |
| ServiceNow (NOW) | three days earlier | +5.51% | final price |
| ServiceNow (NOW) | five days earlier | +4.74% | final price |
| Oracle (ORCL) | that day | -4.03% | still updating |
| Oracle (ORCL) | three days earlier | -12.63% | final price |
| Oracle (ORCL) | five days earlier | -13.02% | final price |
| QQQ | that day | -1.79% | still updating |
| QQQ | three days earlier | -1.86% | final price |
| QQQ | five days earlier | -2.90% | final price |
Trades by members of Congress and officials in the stocks in this story
- Donald J Trump, an executive branch official, sold Fortinet (FTNT), worth $500,001 - $1,000,000 on 21 Aug 2026. That is 69 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Tony Wied sold ServiceNow (NOW) (jointly held), worth $50,001 - $100,000 on 17 Sep 2026. That is 42 days before publication. Filed 2 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, sold ServiceNow (NOW), worth $1,001 - $15,000 on 24 Aug 2026. That is 66 days before publication. Filed 8 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought ServiceNow (NOW), worth $15,001 - $50,000 on 17 Aug 2026. That is 73 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Lisa McClain bought Microsoft (MSFT) (held by a spouse), worth $1,001 - $15,000 on 30 Sep 2026. That is 29 days before publication. Filed 12 Oct 2026. View the filing.
- Rep. Michael Rulli sold Microsoft (MSFT), worth $1,001 - $15,000 on 28 Sep 2026. That is 31 days before publication. Filed 2 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar sold Microsoft (MSFT), worth $1,001 - $15,000 on 24 Sep 2026. That is 35 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna sold Oracle (ORCL) (held by a spouse), worth $1,001 - $15,000 on 30 Sep 2026. That is 29 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna sold Oracle (ORCL) (held by a dependent child), worth $1,001 - $15,000 on 30 Sep 2026. That is 29 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna sold Oracle (ORCL) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 34 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar sold Salesforce (CRM), worth $1,001 - $15,000 on 24 Sep 2026. That is 35 days before publication. Filed 7 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Salesforce (CRM), worth $15,001 - $50,000 on 17 Aug 2026. That is 73 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Ishares Tr (IGV)
Companies mentioned with this story
- IGV Ishares Tr
In “Software stocks slide as Fortinet, ServiceNow fail to meet lofty investor expectations,” Ishares Tr (IGV) is linked, with no stored direction, medium confidence. Reason on file: iShares Expanded Tech-Software ETF: it holds software companies. Linked by “software” (software) in this story
- MSFT Microsoft
For “Software stocks slide as Fortinet, ServiceNow fail to meet lofty investor expectations,” Microsoft (MSFT) is linked, with no stored direction, medium confidence. Reason on file: Microsoft (prepackaged software): software firms move with business tech spending. Linked by “software” (software) in this story
- ORCL Oracle
For “Software stocks slide as Fortinet, ServiceNow fail to meet lofty investor expectations,” Oracle (ORCL) is linked, with no stored direction, medium confidence. Reason on file: Oracle (prepackaged software): software firms move with business tech spending. Linked by “software” (software) in this story
- CRM Salesforce
For “Software stocks slide as Fortinet, ServiceNow fail to meet lofty investor expectations,” Salesforce (CRM) is linked, with no stored direction, medium confidence. Reason on file: Salesforce (prepackaged software): software firms move with business tech spending. Linked by “software” (software) in this story
- NOW ServiceNow
In “Software stocks slide as Fortinet, ServiceNow fail to meet lofty investor expectations,” ServiceNow (NOW) is linked, with no stored direction, medium confidence. Reason on file: ServiceNow (prepackaged software): software firms move with business tech spending. Linked by “software” (software) in this story
Ishares Tr (IGV)
“Software stocks slide as Fortinet, ServiceNow fail to meet lofty investor expectations” (29 Oct 2026) reaches Ishares Tr (IGV) through this story.
The link for Ishares Tr (IGV) is this: iShares Expanded Tech-Software ETF: it holds software companies. Linked by “software” (software) in this story
Microsoft (MSFT) is here too. Its reason reads: Microsoft (prepackaged software): software firms move with business tech spending. Linked by “software” (software) in this story
Dates in the story, and the Ishares Tr (IGV) price range
IGV traded between 103.50 and 112.61 across 8 sessions. The latest close on file is 112.59. MSFT traded between 512.19 and 551.08 across 20 sessions. The latest close on file is 531.56. ORCL traded between 122.78 and 148.43 across 20 sessions. The latest close on file is 144.29.
What the saved facts support for Ishares Tr (IGV)
47 out of 100Price not final
“Software stocks slide as Fortinet, ServiceNow fail to meet lofty investor expectations” scores 47 out of 100. The score uses 2 sources, and 5 linked companies. The price is not final yet.