ServiceNow sinks after CEO warns global tech firms won’t be able to outrun strong dollar


The strong U.S. dollar is a drag against technology brands in an environment already battered by fierce macro headwinds, ServiceNow CEO Bill McDermott told CNBC’s Jim Cramer.

“You’re at 41-year high inflation. The dollar right now is the highest it’s been in over two decades. We have interest rates rising. People worried about security. You’ve got a war in Europe. So, the mood is not great,” McDermott said in an interview that aired on “Mad Money” after the closing bell on Monday.

“You’re going to see the headwind of the dollar right now against well-known technology brands,” the CEO added.

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