The Week the Market Said It Out Loud

Inferential — Weekly Digest, April 3, 2026 This week, the software repricing stopped being a chart pattern and started showing up in analyst notes, layoff data, and open-source repos. Three events tell the story. ServiceNow lost 10% in a day On Wednesday, ServiceNow shares dropped 10.4% after Stifel Nicolaus slashed its price target from $180 to $135. The stated reason: “meaningfully weaker” federal government spending, as DOGE continues pruning software contracts across agencies.