Top Stock Movers: ServiceNow Hasbro IBM and More

Key Takeaways

• U.S. equity prices were higher at noon on optimism that the Trump Administration may strike trade agreements that will lower tariffs.
• ServiceNow says that despite uncertain economic conditions, the demand for its software remains strong.
• IBM's CEO warned those uncertain economic conditions could cause its clients to spend less.

U.S. stocks gained at noon as the market awaited further indications that the White House could ease tariffs. The Nasdaq was nearly 2% higher, the S&P 500 was up 1.3%, and the Dow Jones Industrial Average rose 0.6%.

ServiceNow (NOW), a maker of enterprise software, saw its shares soar after it exceeded earnings and revenue expectations and stated that demand was strong despite uncertain economic circumstances.

Hasbro’s (HAS) shares also soared after the company posted better-than expected results and signed a toy deal with Walt Disney.

Texas Instruments (TXN), the analog chipmaker, has seen its shares rise after it gave a strong forecast for current-quarter revenues. 

IBM (IBM), a software and consulting company, had the Dow’s lowest-performing stock. The CEO of IBM warned that economic uncertainties could cause its clients to reduce spending.

Shares of Procter & Gamble (PG) sank when the consumer products maker slashed its forecast on concerns about demand and the impact of tariffs.

Union Pacific (UNP), the freight railroad operator, saw its shares fall when it reported that its profit and sales were below estimates due to a decline in energy and automobile shipments as well as lower fuel surcharges.

Gold futures are up. Oil futures ticked higher. The yield on 10-year Treasury notes fell. The U.S. Dollar lost ground against the euro, pound and yen. Prices for major cryptocurrencies dropped.