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Why Snowflake Stock Fell 25% in April

TheMotleyFool

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Why Snowflake Stock Fell 25% in AprilPhoto, wide shot, wide-angle lens, Telecom equipment supplier, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.theapi.app/temp/3967c11c-b755-4d39-87d0-acc853384c80.png

Shares of Snowflake (NYSE: SNOW), a cloud-based data platform company, tumbled last month, seemingly on no company-specific news. Instead, investors were likely reacting to a broader market sell-off, rising inflation, and an upcoming Federal Reserve interest rate hike.

Those concerns helped send Snowflake's stock down 25.2% last month, according to data provided by S&P Global Market Intelligence.

Investors were a bit jittery in April as they anticipated that the Federal Reserve would raise the federal funds rate at the beginning of May. Fed Chairman Jerome Powell said that a hike of 50 basis points was on the table for the May meeting, which signaled to investors that the Federal Reserve is getting serious about tamping down inflation.

Source Fool.com

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