Snowflake Shares Climb Amid Sector Strength And Softer PPI Data
Portfolio Pulse from Vaishali Prayag
Snowflake Inc. (NYSE:SNOW) shares are rising due to a broader technology sector rally and softer-than-expected Producer Price Index (PPI) data for July 2024. The PPI report showed a slower rise in producer prices, boosting market expectations for potential Federal Reserve rate cuts, which is favorable for tech stocks. Investors are also positioning ahead of Snowflake's upcoming Q2 earnings report, expected to show EPS of 16 cents and revenue of $849.70 million.
August 13, 2024 | 7:30 pm
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Snowflake shares are rising due to a broader tech sector rally and softer-than-expected PPI data, which has increased market expectations for potential Federal Reserve rate cuts. Investors are also positioning ahead of Snowflake's Q2 earnings report.
The softer-than-expected PPI data has bolstered market expectations for potential Federal Reserve rate cuts, which is favorable for technology and growth stocks like Snowflake. Additionally, anticipation of the upcoming Q2 earnings report is driving investor interest.
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