Why Snowflake Stock Jumped More Than 7% Today
Shares of Snowflake (NYSE: SNOW) were up 7.2% today as of market close. It was a relief rally for the cloud computing company and other high-growth but richly valued stocks, which have taken hit after hit this year from ongoing pandemic worries (most recently the omicron variant) and higher interest rates in 2022 (higher rates lower the value of future profits, which lowers present stock value).
However, though Snowflake is now down some 22% from its all-time high reached in mid-November, the stock is up 26% in 2021 with just a week and a half until the new year, outpacing the S&P 500's 24% return.
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Source Fool.com
