Snowflake Inc. (SNOW) shares are on the rise today, joining a broader rally in the technology sector. The upward movement in Snowflake’s stock is fueled by a combination of positive economic data and anticipation of upcoming earnings.
The primary catalyst behind the market’s optimism is the recent release of the Producer Price Index (PPI) for July 2024. The PPI report showed a slower-than-expected rise in producer prices, indicating potential easing of inflation. This positive data has boosted market expectations for potential Federal Reserve interest rate cuts, which is particularly favorable for growth-oriented technology stocks like Snowflake.
Investors are also gearing up for Snowflake’s upcoming second-quarter earnings report, scheduled for release after the market closes on August 21, 2024. Analysts are expecting the company to report earnings per share (EPS) of 16 cents and revenue of $849.70 million.
This combination of positive economic data and upcoming earnings has created a bullish sentiment around Snowflake, leading to a notable increase in its stock price. As of this writing, Snowflake shares are up by 3.36% at $127.16 according to Benzinga Pro.
