Stock market today: Dow, S&P 500 and Nasdaq futures slide as oil tops $100, Tesla slips after earnings

Bloomberg reports:

Oil rose for a fourth day as the US and Iran remained locked in a battle for control of the Strait of Hormuz after failing to meet for a fresh round of peace talks.

Brent (BZ=F) traded near $104 a barrel after jumping almost 13% in the last three sessions, while West Texas Intermediate (CL=F) was around $95. US President Donald Trump said the truce agreed April 7 would stay in place indefinitely while Washington waits for Iran to submit a new peace proposal, although Tehran says it has no plans to take part in negotiations imminently.

Global benchmark Brent jumped as much as 4.2% early in the session before quickly reversing on unconfirmed reports that there were explosions in Iran.

The war has rattled energy markets since it started at the end of February, with the near-closure of the Strait of Hormuz causing a sharp drop in flows from major producers in the Persian Gulf. The US maintained a naval blockade on ships going to and from Iran’s ports to pile pressure on the Islamic Republic, in a move Foreign Minister Abbas Araghchi called a violation of the ceasefire.

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Reuters reports:

ServiceNow (NOW) reported on Wednesday that delays in closing several large government deals in the Middle East hurt first-quarter subscription revenue ‌growth, sending its shares down 12% in extended trading.

The company said its ‌subscription revenue growth faced about a 75-basis-point headwind from delayed closures of several large on-premises deals in the ​region due to the ongoing conflict.

Chief Operating Officer Amit Zavery told Reuters that those deals are expected to close throughout the year. “We don’t know when these conflicts will get sorted out, but we continue to work with these customers,” he said.

ServiceNow, like its peers, is also ‌facing investor concerns that artificial ⁠intelligence tools could shift enterprise clients away from traditional software by automating some of the tasks previously done by their products.

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Bloomberg reports:

Texas Instruments Inc. (TXN) shares surged in late trading after the chipmaker gave a surprisingly strong forecast, helped by booming spending on data centers and industrial equipment.

Revenue will be $5 billion to $5.4 billion in the second quarter, the company said in a statement Wednesday. Analysts had estimated $4.85 billion on average, according to data compiled by Bloomberg.

A resurgence in demand for industrial components spanned all geographies and segments, Chief Executive Officer Haviv Ilan said on a conference call with analysts. The company’s revenue is still short of prior peaks, but that’s spurring optimism that the run-up can continue, he said.

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