ServiceNow stock is on track for its largest drop on record. But JPMorgan sees a bright spot.

ServiceNow shares were indicated nearly 18% lower in premarket trading on Thursday, putting the software company on track for its largest single-day drop on record. The move followed the release of its third-quarter earnings, which investors were still digesting. A decline of that size in premarket activity reflects how quickly sentiment can shift around high-valuation software names when results land.

JPMorgan, however, flagged a bright spot in the report, suggesting the selloff may be capturing only part of the picture. The split between the market's initial reaction and the analyst view is the key tension to watch: sharp premarket moves can overshoot before the regular session brings fuller trading and updated research.

For observers, the relevant questions are whether the decline holds through the close and whether other analysts revise their views in the coming days. Premarket pricing is indicative rather than final, so the session's actual close will determine whether this becomes a record drop or a partial recovery.