Why Snowflake Stock Inched Higher This Week
For most of this week, Snowflake (NYSE: SNOW) was met with a relatively warm reception by investors. Although the data analytics company was hit with a 8%-plus sell-off on Friday, it still managed to eke out a 2.5% gain across the five trading days, according to data compiled by S&P Global Market Intelligence.
Prior to Friday, many of the more speculative tech stocks were doing gangbusters on the stock exchange.
Worries about the macroeconomy had been easing, while the Federal Reserve just pulled the trigger on the lowest of its recent string of interest rate hikes. All things being equal, lower interest rates generally mean greater investor willingness to put money in riskier investments like young tech companies.
Source Fool.com
