Why Snowflake Stock Skyrocketed Again Today
Snowflake (NYSE: SNOW) stock enjoyed another round of big gains in Friday's trading. The data-software specialist's share price surged roughly 15% in Thursday's daily trading session on better-than-anticipated inflation data, and the company's valuation continued to climb 9.7% today as investors warmed up again to growth stocks.
While economists had anticipated the U.S. Labor Department's consumer price index (CPI) inflation to come in at 0.6% compared to September and 7.9% compared to October 2021, actual inflation levels came in at 0.4% sequentially and 7.7% year over year. The data was enough to kick off a dramatic surge in bullish sentiment for the broader market.
Spurred by the better-than-anticipated CPI data, the growth-heavy Nasdaq Composite index surged 7.35% on Thursday, one of its best-ever single-day jumps. It then gained an additional 1.6% in Friday's trading as bullish momentum continued to shape the broader market. As gains for the growth-heavy Nasdaq Composite show, investors are pouring back into stocks with more forward-looking valuation, on signs that macroeconomic pressures may be in the early stages of easing.
Source Fool.com
