Snowflake (NYSE: SNOW) stock tumbled Tuesday. The company's share price closed out the first daily trading session in 2024 down 5%, according to data from S&P Global Market Intelligence.

There wasn't any business-specific news behind today's big stock pullback, but Snowflake lost ground as some big tech-sector news prompted a rise in bearish sentiment. analyst Tim Long downgraded his rating on Apple from "neutral" to "underweight" and lowered the firm's one-year price target on the stock from $161 per share to $160 per share. In addition to the high-profile ratings downgrade, news hit that ASML would halt exports of its advanced semiconductor-fabrication machines following pressure from the U.S. government.

These combined catalysts prompted widespread sell-offs for growth-dependent tech stocks, and Snowflake was caught up in the pullback.

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Source Fool.com