Shares of companies in the broader technology space, including Snowflake Inc. SNOW are trading lower amid a rise in bond yields, which has weighed on growth stock valuations.
The 10-year Treasury yield hit an intraday high of 1.508% Monday morning before dipping to around the 1.496% level. The spike in the 10-year note Monday comes after the Federal Reserve in September spoke on winding down its ongoing asset purchasing program.
Snowflake provides cloud-based data platform in the United States and internationally. The company's platform offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data.
Snowflake's stock was trading about 4% lower at $291.44 per share on Monday at the time of publication.
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