Software slump and Iran tensions pull stocks back from record highs

U.S. stocks eased off record levels as a soft software outlook—driven by ServiceNow’s weaker margins and guidance—weighed on tech, while geopolitical jitters from Iran added risk concerns. The S&P 500, Nasdaq 100, and Russell 2000 closed lower, though Intel beat on Q1 results and provided solid guidance that lifted fellow chipmakers. Notable movers included Applied Digital rallying on a $7.5 billion hyperscaler lease, Oklo surging after a Nvidia collaboration, and Super Micro dropping on a Bloomberg note about Oracle canceling a large contract. Energy moves persisted as gas prices ticked around $4.03 per gallon and oil hovered near $100 per barrel, underscoring ongoing volatility amid earnings news and geopolitical headlines.