Why Is Snowflake (SNOW) Stock Soaring Today
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Shares of Snowflake (NYSE:SNOW) jumped 9.4% as the Nasdaq and S&P 500 surged after solid earnings from tech giants, including Meta (NASDAQ:META) and Amazon. Yields surged, with the 2-year Treasury yield rising to 4.38% and the 10-year Treasury yield breaking past the 4% mark. The Bureau of Labour reported non-farm payrolls for January 2024, revealing that the US economy added 353,000 jobs. The strong jobs report could cause the Fed to delay cutting rates in 2024. Snowflake's shares are volatile, and today's move is considered meaningful but not fundamentally changing its perception. Snowflake is up 15.7% since the beginning of the year.
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