Key Highlights

  • Fortinet (NASDAQ:FTNT) dropped about 25% to 26% after hours on October 28, 2026, extending a 5.9% regular-session fall, and the cause is disputed between a gross-margin shortfall and a raised revenue outlook.
  • ServiceNow (NYSE:NOW) fell about 14% to 19% after adjusted earnings per share of USD 1.00 missed the USD 1.02 estimate and fourth-quarter subscription guidance of USD 4.25 billion to USD 4.26 billion trailed USD 4.36 billion.
  • Nasdaq-100 futures were down about 1.2% at 4:09 a.m. ET on October 29, 2026, the early picture for Invesco QQQ Trust (NASDAQ:QQQ), with Nvidia down 1%, AMD down 3.3% and Intel down 3.6% premarket.
  • The Philadelphia Semiconductor Index rose 1.75% on October 28 with 22 of 30 members higher, but no price move was verified for iShares Semiconductor ETF (NASDAQ:SOXX), which follows a different index.

Fortinet (NASDAQ:FTNT): A Verified Fall With a Disputed Cause

Fortinet is a large cybersecurity company, and its after-hours move on October 28, 2026 was severe. The shares fell about 25% to 26% after results, with quotes of minus 26.07% after hours and minus 25.4% premarket, following a 5.9% drop in the regular session. One earlier table showed minus 6.05%, which reflects timing. Combining the 5.9% regular-session fall with an after-hours drop of 25% to 26% implies a loss of roughly 29% to 30% from the October 27 close, simple arithmetic that is approximate. The cause is not confirmed. One recap points to a gross-margin shortfall, meaning the company kept less of each sales dollar than analysts expected, while another page says revenue and earnings beat and the 2026 revenue outlook was raised. Both cannot be fully right, so the company release matters more than any recap. FTNT may stay volatile, and the first hour of volume on October 29 will show whether buyers step in. If margin pressure is real, further estimate cuts could follow, but a rebound is possible if the raised outlook proves accurate. A decline this size can also reflect forced selling, which is why the release and any management comment on gross margin carry so much weight.

ServiceNow (NYSE:NOW): A Small Miss, a Large Fall

ServiceNow reported on October 28, 2026. Adjusted earnings per share of USD 1.00 were two cents below the USD 1.02 estimate, a small miss by itself. The sharper issue was guidance: fourth-quarter subscription-style revenue of USD 4.25 billion to USD 4.26 billion sits below the USD 4.36 billion expected, a gap of about USD 0.10 billion, simple arithmetic. After-hours quotes ranged from minus 14% to minus 16% and 17.87%, with minus 19% premarket, so the final size depends on the regular session. One recap ties the weaker outlook to longer enterprise sales cycles, meaning customers take more time to approve deals, but that is a recap's explanation, not a company statement. Software is valued on forward recurring revenue, so a guide below expectations resets the growth path investors pay for. Zscaler and Salesforce also fell, which suggests NOW was treated as sector information about enterprise caution and AI budgets, and analyst target cuts are possible. The risk is that longer sales cycles are not temporary and spread to other software vendors, with slower seat growth or AI pricing pressure extending the decline. A quick recovery in bookings would help, and any company comment on sales cycles will shape how NOW trades next.

Invesco QQQ Trust (NASDAQ:QQQ): The Index Feels Both Sides

Invesco QQQ Trust tracks the Nasdaq-100, which is dominated by the largest technology companies, so declines in a few names move the whole index. Nasdaq-100 futures traded about 1.2% lower and S&P 500 futures about 0.4% lower at 4:09 a.m. ET on October 29, while Dow futures were up 0.35%. Late Wednesday quotes cited a similar decline for the Nasdaq-100 and about 0.5% for the S&P 500, and a few Asia recaps called futures mixed, so the snapshot is unstable. Marvell was down about 9.4% premarket on reports of talks to buy Lumentum, which are unconfirmed. Counterweights included SK hynix's ADR up 13.3%, Oracle up 10.6% and Vertiv up 16.5%, so the move was not uniform. Futures show early positioning, not closing prices, and QQQ will reprice at the 9:30 a.m. ET open. Overnight, Asia was also weaker, with the Kospi down 2.2% and Samsung down 5.4%. The risks are a deeper software selloff, further capital-spending worries and a rate backdrop in which traders price a December Fed hike above 80%. September PCE inflation and third-quarter GDP arrive at 7:30 a.m. ET, and Amazon, Intel and Coinbase report after the close. No verified QQQ price move is cited.

iShares Semiconductor ETF (NASDAQ:SOXX): Memory Led, Accelerators Lagged

The Philadelphia Semiconductor Index rose 1.75% on October 28, 2026, with Micron up nearly 6%, Broadcom up more than 2% and 22 of its 30 members higher. The index level is quoted at 11,674 and 11,684, so only the 1.75% gain is used. JPMorgan said DRAM prices rose almost 30% and NAND about 25% from the prior quarter, per a recap, which helps memory makers whose prices rise faster than costs. Yet Nvidia, AMD and Intel were indicated lower premarket on October 29, so leadership may rotate. SOXX tracks a different index from the Philadelphia gauge, and no SOXX price move was verified, so the fund may not mirror the index. A narrow rally can reverse, and memory prices are cyclical. Rates add pressure, with the Fed's 3.75% to 4.00% hold, a December hike priced above 80% and the 10-year yield near 5.02% to 5.04%. SOXX holders may see a mixed picture because the fund holds both memory and accelerator names, and Amazon and Intel results after the close on October 29 could shift the leadership again.

Where Things Stand

Software fell hardest because guidance and margins reset growth expectations, while chips were lifted by memory pricing, so the Nasdaq-100 and chip funds sit on opposite sides of the same AI trade. FTNT has a verified fall but a disputed cause, and NOW (NYSE:NOW) missed on guidance. QQQ (NASDAQ:QQQ) holds both camps, and SOXX holds the chip side. The 4:09 a.m. ET futures reading is a single snapshot, so the open at 9:30 a.m. ET, Amazon and Intel results after the close, and the Fortinet release will decide what lasts. Nothing here is advice.