ServiceNow provides cloud-based software-as-a-service management applications to automate and track workflows across the enterprise, including IT, human resources, facilities, and field service, among others. The company markets to enterprises in industries ranging from financial services and consumer products to healthcare and technology. About 97% of revenue comes from subscription software sales, with the remainder from professional services. About 30% of the company's revenue is generated outside of the U.S. ServiceNow went public on June 29, 2012, at $18 per share. In June 2023, ServiceNow became part of the Fortune 500. The company has been a component of the S&P 500 since November 2019.

The major indices are flat at midday. The 10-year Treasury note is steady at 4.26%. Oil is up 2% at $69 per barrel. GDP came in at 2.8%. This is the first or advance estimate for 3Q. The headline number is below expectations but several component numbers are positive. Consumer spending was up a whopping 6%. The PCE Price Index rose 1.5%, well below the increase in the second quarter.

The United States economy is full of innovation. It has to be. Manufacturing industries that dominated the economy decades ago - textiles, televisions, even automobiles to a large degree - have moved overseas, where labor and materials costs are lower. Yet the U.S. economy, even during the pandemic and the current period of high inflation, has expanded to record levels. If U.S. corporations weren't innovating, creating new products (such as vaccines and AI) and services (such as Zoom calls) and moving into new markets, the domestic economy would not be growing, and capital would not be flooding into the country. The current high level of the U.S. dollar relative to currencies around the world attests to the confidence that global investors have in the durable and innovative U.S. economy.

ServiceNow Inc provides software solutions to structure and automate various business processes via a SaaS delivery model. The company primarily focuses on the IT function for enterprise customers. ServiceNow began with IT service management, expanded within the IT function, and more recently directed its workflow automation logic to functional areas beyond IT, notably customer service, HR service delivery, and security operations. ServiceNow also offers an application development platform as a service.