ServiceNow stock fell 3.0% to $141.29 per share in a trading session following U.S. military strikes on Iranian targets in the Strait of Hormuz. ^[1] UBS maintained its fundamental scenario that the Federal Reserve will not change current interest rates until the end of the year. ^[2] U.S. forces launched military strikes against Iranian rocket launchers in the Strait of Hormuz, and Iran retaliated with drone and missile attacks on U.S. bases in Jordan. ^[3] UBS stated that current labor and manufacturing data do not provide sufficient grounds for a new interest rate increase. ^[4] UBS warned that upward movements in crude oil prices and supply-side constraints could force the Federal Reserve into a more hawkish stance than expected. ^[5] A company director and a senior executive of ServiceNow sold shares in late August, adding a layer of negative sentiment to the stock. ^[6] Crude oil prices spiked and risk appetite deteriorated across equity markets as a result of the U.S.-Iran confrontation. ^[7] UBS predicted the Euro/dollar parity would move toward the 1.18 - 1.20 band as the Federal Reserve's tightening expectations ease. ^[8]