ServiceNow and Fortinet Tumble on Earnings as Carvana and Crocs Surge

Wall Street slipped on Thursday as technology shares weighed on the major indexes, with the S&P 500 down about 0.3%. Even so, roughly 81% of S&P 500 members advanced, pointing to sharp rotation beneath the surface.

ServiceNow fell about 25% on weak fourth-quarter guidance, Fortinet dropped around 22% despite beating estimates, and Sprouts Farmers Market lost 20% after cutting its outlook. On the upside, Carvana jumped roughly 15% on record third-quarter results with revenue up 42%, Crocs gained about 23% after a third straight guidance raise, and Norwegian Cruise Line rose 13%.

DoorDash rose about 5% on news of a roughly $17 billion deal for Instacart parent Maplebear, while Eli Lilly gained after beating estimates and lifting its 2026 revenue outlook. Analysts said the split reactions show investors demanding proof that heavy technology spending produces lasting profits.