ServiceNow Inc. (NYSE: NOW) surged 8.8% on Monday, its biggest single-day gain in months, after the company unveiled sweeping AI product upgrades at its Knowledge 2026 conference and Bank of America initiated coverage with a Buy rating. The broader market closed mixed: the S&P 500 slipped 0.07% to 7,403, the Nasdaq Composite lost 0.51% to 26,091, and the SOXX semiconductor ETF dropped 2.5% to 495.87 as chip-equipment names retreated from last week's post-earnings highs amid a 10-year Treasury yield that climbed to a 52-week peak above 4.13%.
Today's biggest movers
| Ticker | Close | Day | 1mo | YTD |
|---|---|---|---|---|
| $NOW | $103.42 | +8.78% | +3.71% | -29.86% |
| $MDB | $330.00 | +5.72% | +24.95% | -17.43% |
| $SNOW | $164.24 | +4.30% | +9.17% | -24.21% |
| $CRWD | $618.83 | +4.17% | +42.87% | +36.43% |
| $CRM | $179.48 | +3.44% | -3.65% | -29.23% |
| $AMAT | $413.57 | -5.28% | +5.60% | +53.82% |
| $ORCL | $186.61 | -3.29% | +5.09% | -4.65% |
| $TSLA | $409.99 | -2.90% | +4.46% | -6.41% |
| $LRCX | $277.96 | -2.37% | +5.62% | +50.20% |
| $TSM | $395.95 | -2.08% | +8.11% | +23.89% |
ServiceNow surges 8.8% on AI platform launch and analyst coverage
ServiceNow Inc. (NYSE: NOW) closed at $103.42, up 8.78%, after its Knowledge 2026 conference delivered a raft of AI product announcements that electrified investors. The company unveiled an upgraded AI Control Tower for governance across multi-model environments, launched a conversational AI front-end called Otto, and introduced its Autonomous Workforce suite, positioning NOW as a full-stack AI operating layer for enterprise customers. Bank of America initiated coverage the same day with a Buy rating, citing the product pipeline and the expansive addressable market in workflow automation. Bernstein analyst Peter Weed separately raised his price target to $236 from $226, reiterating an Outperform rating on the shares. ServiceNow also reaffirmed its 2026 full-year subscription revenue guidance of $15.74 billion to $15.78 billion, implying 22% to 22.5% growth. Despite today's jump, the stock remains roughly 30% below its year-start level, leaving meaningful recovery room as the company executes on AI monetisation.
MongoDB climbs 5.7% as three analysts raise targets ahead of May 28 results
MongoDB Inc. (NASDAQ: MDB) closed at $330.00, up 5.72%, driven by a concentration of analyst upgrades ahead of its fiscal first-quarter 2027 earnings release on May 28. BMO Capital analyst Keith Bachman raised his price target to $360 from $285, keeping an Outperform rating and citing improved demand signals for the Atlas cloud database platform. Citi lifted its target to $450 from $400 with a Buy rating intact. Scotiabank analyst Patrick Colville upgraded the stock to Outperform from Sector Perform with a new $310 target. The convergence of bullish notes from three institutions in a short window triggered a momentum trade into the earnings window. MongoDB is down roughly 17% year to date, and analysts believe AI-driven developer adoption of Atlas Vector Search could reaccelerate revenue growth in the second half of calendar 2026. For more on the data infrastructure theme, see our May 13 recap covering Palo Alto Networks and Baidu leading the AI software rally.
Applied Materials retreats 5.3% despite record quarterly revenue
Applied Materials Inc. (NASDAQ: AMAT) was the session's biggest decliner, falling 5.28% to $413.57 as last week's post-earnings gains unwound on a sharp move in bond yields. The company had reported fiscal second-quarter revenue of $7.91 billion on May 14, up 11% year over year and ahead of the $7.68 billion consensus estimate, with non-GAAP EPS of $2.86 beating the $2.68 forecast. Morgan Stanley raised its price target to $502 from $454; Deutsche Bank moved to $550 from $450; Cantor Fitzgerald lifted to $575 from $550. All three maintained positive ratings. Yet the 10-year Treasury yield climbed to a 52-week high above 4.13% on Monday, compressing multiples across capital-intensive semiconductor-equipment names. Lam Research Corp. (NASDAQ: LRCX) fell 2.37% in sympathy, and ASML Holding N.V. (NASDAQ: ASML) shed 1.96%. The dynamic underscores a familiar pattern: strong fundamental results do not insulate high-multiple equipment stocks from macro rate pressure. When Broadcom and Nvidia led the chip rally on H200 export clearance last Thursday, the sector was already pricing in some of this positive news flow.
CrowdStrike gains 4.2% on back-to-back analyst target raises
CrowdStrike Holdings Inc. (NASDAQ: CRWD) closed at $618.83, up 4.17%, extending a run that has taken the stock more than 36% higher year to date. RBC Capital raised its price target to $650 from $550 on Friday; BTIG went to $621 from $499 on Thursday. Both firms cited the company's reported $5.25 billion ending annual recurring revenue, up 24% year over year, as evidence that enterprise security spending on AI-integrated platforms is holding firm through the rate-cycle headwind. CrowdStrike reports its next quarterly results on June 3. The broader security cohort joined the rally: Palo Alto Networks Inc. (NASDAQ: PANW) added 1.94% and Cloudflare Inc. (NYSE: NET) gained 2.12% on the same session, consistent with the pattern noted in the May 15 recap.
