Morning Intelligence·Thursday, October 29, 2026

ServiceNow is down 18.8% premarket after results show gross margin narrowing to 70.5%

Gross margin compressed 677 basis points year over year to 70.5%.

Data through: 8:15 AM ET
Market data as of: 8:15 AM ET
Published: Oct 29, 2026, 8:15 AM ET
By: Blockhaven Research

In this edition

Opening read
Overnight tape
Movers that matter
Earnings radar
Today's catalysts
What we're watching
Blockhaven Macro
Risk and opportunity
Market context
Data note
Sources

Opening read

ServiceNow shares are down 18.8% premarket after the company reported quarterly results after Wednesday's close.

Gross margin compressed 677 basis points year over year to 70.5%. Operating income fell 32.7% even as revenue grew 20.5%, so operating costs rose faster than sales. Fortinet, another of the software companies, reported since Wednesday's close, raised its outlook, according to its release, and is down 26.8% premarket. SPY is down 0.4% and QQQ down 1.3% at 8:15 AM ET. GDP, Q3 2026 (advance estimate) is due at 8:30 AM ET. The first test is the release itself: where SPY trades after 8:30 AM ET against its $768.93 pre-release level.

Overnight / pre-market tape

At 8:15 AM ET, SPY is down 0.4% and QQQ is down 1.3% versus the prior close. The 10-year Treasury yield rose 6 bp to 5.05% on Wednesday, the VIX closed Wednesday at 16.9, and Bitcoin trades at $80,000 (−0.8% over 24 hours).

Movers that matter

GOOGL−11.1% downpremarket
Earnings8:15 AM ET
Alphabet
Alphabet shares are down 11.1% premarket after the company reported quarterly results after Wednesday's close (8-K Item 2.02).[1][2]
Operating margin expanded 129 basis points year over year to 31.8%.
GOOG−11.0% downpremarket
Earnings8:15 AM ET
Alphabet
Alphabet shares are down 11.0% premarket after the company reported quarterly results after Wednesday's close (8-K Item 2.02).[1][2]
Operating margin expanded 129 basis points year over year to 31.8%.
NOW−18.8% downpremarket
Earnings8:15 AM ET
ServiceNow
ServiceNow shares are down 18.8% premarket after the company reported quarterly results after Wednesday's close (8-K Item 2.02).[1][2]
CAT−10.2% downpremarket
Earnings8:15 AM ET
Caterpillar
Caterpillar shares are down 10.2% premarket after the company reported quarterly results before the open (8-K Item 2.02).[1][2]
297,835 shares had changed hands premarket by 8:15 AM ET.
FTNT−26.8% downpremarket
Earnings8:15 AM ET
Fortinet
Fortinet shares are down 26.8% premarket after the company reported quarterly results after Wednesday's close (8-K Item 2.02).[1][2]
Operating margin expanded 216 basis points year over year to 33.9%.
INSM+14.5% uppremarket
Earnings8:15 AM ET
Insmed
Insmed shares are up 14.5% premarket after the company reported quarterly results before the open (8-K Item 2.02).[1][2]
Revenue grew 268.4% year over year, slowing from 296.1% in the prior quarter.

Earnings radar

Overnight results

Alphabet (GOOGL) filed its quarterly results after Wednesday's close (8-K Item 2.02).[2]After the close
Caterpillar (CAT) reported before the open. Revenue of $20.7 billion, per the company's release.[2]Before the open
Alphabet (GOOG) filed its quarterly results after Wednesday's close (8-K Item 2.02).[2]After the close
Fortinet (FTNT) filed its quarterly results after Wednesday's close (8-K Item 2.02). The release also includes an outlook.[2]After the close
Insmed (INSM) filed its quarterly results before the open (8-K Item 2.02). The release also includes an outlook.[2]Before the open

Coming today

Amazon (AMZN) is listed to report after the close.[3]After the close
Intel (INTC) is listed to report after the close.[3]After the close
Shell (SHEL) is listed to report before the open.[3]Before the open
TotalEnergies SE (TTE) is listed to report before the open.[3]Before the open
Gilead Sciences (GILD) is listed to report after the close.[3]After the close

Report timing comes from Nasdaq's public earnings calendar and is not company-confirmed; results are cited only when they appear in a company filing.

Today's catalysts

8:30 AM ET
GDP, Q3 2026 (advance estimate)BEA
The broadest read on growth; revisions can move rate expectations.
8:30 AM ET
Personal Income and Outlays (PCE)BEA
Includes the PCE price index, the Fed's preferred inflation gauge.

What we're watching at the open

1
How SPY trades after GDP at 8:30 AM ET
SPY was at $768.93 (−0.4%) at 8:15 AM ET, before the release; that is the level the reaction is measured from.
2
How SPY trades after PCE at 8:30 AM ET
SPY was at $768.93 (−0.4%) at 8:15 AM ET, before the release; that is the level the reaction is measured from.
3
Whether Alphabet stays below Wednesday's $324.89 close
Down 11.1% at 8:15 AM ET on 4,582,938 shares, after its filing.
4
Whether QQQ stays behind SPY after the open
QQQ is 0.8 points behind SPY at 8:15 AM ET. If the gap holds into midday, the move is in technology and growth names rather than the whole market.

Blockhaven Macro

Regime read: Transition

Blockhaven's read, computed Wednesday, Oct 28, 8:20 PM ET, is Transition. Risk Appetite 58 (inside its neutral band, up 5 over 5 snapshots); Liquidity 34 (below its neutral band, up 1 over 5 snapshots); Crypto 47 (inside its neutral band, up 3 over 5 snapshots). Its Market Stress and Vol Event Risk engines are elevated.

Risk Appetite sits inside its neutral band after rising 5 points over 5 snapshots, so the read does not lean either way on risk; Liquidity, below its band, is the one reading clearly off neutral. The regime read, Risk Appetite, Crypto and the three engines (Market Stress, Upside Expansion and Vol Event Risk) are only partly verified against public data, so treat them as provisional.

Macro read computed Oct 28, 2026, 8:20 PM ET.

Risk and opportunity

Risk

Rates volatility

Blockhaven's Macro read names rates volatility as its main risk. The 10-year yield moved 6 bp on Wednesday, to 5.05%, a move of the size this describes.

Market context

Each figure carries its own date and time, and they were not observed simultaneously. Treasury yields are prior-day closes and Bitcoin is a rolling 24-hour reading.

Market figures, each with its own date
Figure	Reading	Dated
SPY, pre-market[1]	$768.93, −0.4%	8:15 AM ET
QQQ, pre-market[1]	$716.50, −1.3%	8:15 AM ET
10-year Treasury yield[5]	5.05%, +6 bp	Wed, Oct 28, 4:00 PM ET
VIX[6]	16.9	Wed, Oct 28, 4:15 PM ET
Bitcoin[7]	$80,000, −0.8%	8:15 AM ET

Data note

Data through 8:15 AM ET. Nasdaq public market data for quotes, SEC EDGAR for company filings, and official Federal Reserve, Treasury, BEA, Census and BLS schedules for events. Blockhaven's Macro read was computed Wednesday, Oct 28, 8:20 PM ET.

This edition was compiled and published automatically from public sources under Blockhaven's standing editorial policy. An editor did not review it individually before release.

Condition scores, not probabilities. Thresholds are currently uncalibrated. Historical validation and calibration are in progress, and no hit rates or return claims are published. Macro methodology

Source checks completed Oct 29, 2026, 8:15 AM ET.

Sources

1.
Nasdaq
Nasdaq market activity(opens in a new tab)
Accessed October 29, 2026
2.
U.S. Securities and Exchange Commission
SEC EDGAR company filings(opens in a new tab)
Accessed October 29, 2026
3.
Nasdaq
Nasdaq earnings calendar(opens in a new tab)
Accessed October 29, 2026
4.
U.S. Bureau of Economic Analysis
BEA news release schedule(opens in a new tab)
Accessed October 29, 2026
5.
U.S. Department of the Treasury
Daily Treasury interest rate statistics(opens in a new tab)
Accessed October 29, 2026
6.
Cboe Global Markets
Cboe market data(opens in a new tab)
Accessed October 29, 2026
7.
Coinbase
Coinbase markets(opens in a new tab)
Accessed October 29, 2026
8.
Blockhaven
Blockhaven Macro snapshot (public projection)
Accessed October 29, 2026 · Snapshot dated 2026-10-28, methodology 2026.07.23-netliq-weekly.

Corrections and updates

No corrections or updates have been made to this piece.

Blockhaven research is published for information and education. It is not personalized investment advice.