Why Snowflake Shares Are Falling

Snowflake Inc (NYSE: SNOW) shares are trading lower by 4.91% to $151.67 amid weakness in tech stocks. Also, Macquarie initiated coverage on the stock with a Neutral rating.

Snowflake Inc (NYSE:SNOW) shares are trading lower by 4.91% to $151.67 amid weakness in tech stocks. Also, Macquarie initiated coverage on the stock with a Neutral rating.

Major indices are lower after the ADP National Employment Report showed private sector employment in October rose by 239,000 jobs, which has added to concerns of a tight labor market.

The Fed will announce its interest rate decision at 2:00 p.m. ET today.

What Else?

The bond market is pricing in a 90.2% chance of a fourth consecutive 0.75% rate hike this afternoon, according to CME Group.

The odds of a 0.75% rate hike have crept higher from 88.7% on Monday ahead of the Fed decision.

The Federal Reserve is unlikely to surprise with just a 0.5% cut this week given the consumer price index (CPI) gained 8.2% in September, exceeding economist estimates of 8.1%…Read More

Snowflake has a 52-week high of $405.00 and a 52-week low of $110.26.

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