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

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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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Parler CEO warns tech layoffs are ‘just beginning’

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Netflix, Robinhood, Carvana and Facebook parent Meta are joining the growing list of tech firms laying off employees or slowing hiring which Parler CEO George Farmer warned is “just beginning.”

“The sector is feeling the effects of this interest rate rise and the end of free money,” Farmer told FOX Business’ Maria Bartiromo on Thursday. “The free pay environment has sort of exacerbated the worst of the tech hiring, which has basically meant that companies are trading off ridiculous price-to-earnings ratios and have

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