ServiceNow (NOW) surged 6.38% intraday, boosted by a combination of easing macroeconomic fears and company-specific AI security momentum. The broad market rally was triggered by an unexpected decline in U.S. nonfarm payrolls, which significantly reduced the likelihood of a September interest-rate hike by the Federal Reserve.

The Labor Department reported that the economy shed 23,000 jobs in July, far below the 80,000 additions economists had expected. This surprise led traders to slash the odds of a rate hike from 55% to around 20%, fueling a risk-on sentiment that lifted the entire software sector. ServiceNow, already recovering from a prior session’s decline, benefited from the positive macro backdrop along with its own fundamental strengths.

The company recently unveiled six autonomous security solutions at the Black Hat conference, topped second-quarter earnings estimates, and completed its $7.55 billion acquisition of Armis to bolster its AI-driven security strategy. The technical rebound from the previous day’s sector-wide selloff, combined with these catalysts, propelled ServiceNow to one of the biggest intraday gains in the systems software space.