Zinger Key Points
- Snowflake shares are rising as part of a tech sector rally fueled by softer-than-expected July PPI data, which has strengthened expectations
- Investors are positioning ahead of Snowflake’s Q2 earnings, expected to report $0.16 EPS and $849.70 million in revenue on August 21, 2024.
- Feel unsure about the market’s next move? Copy trade alerts from Matt Maley—a Wall Street veteran who consistently finds profits in volatile markets. Claim your 7-day free trial now.
Snowflake Inc. SNOW shares are on the rise Tuesday. The upward movement in Snowflake’s stock is part of a broader rally within the technology sector, driven by overall market strength following the release of softer-than-expected Producer Price Index (PPI) figures for July 2024.
Why is the Stock Moving?
The key catalyst behind the market’s positive sentiment is the recent PPI report, which showed a slower-than-expected rise in producer prices. The PPI for final demand increased by only 0.1% month-over-month, below economists’ expectations of a 0.2% increase. On an annual basis, the PPI rose by 2.2%, also below the anticipated 2.3%. The deceleration in producer prices has bolstered market expectations for potential Federal Reserve rate cuts, which is particularly favorable for technology and growth stocks like Snowflake.
Earnings Preview: Investors are also positioning themselves ahead of Snowflake's upcoming second-quarter earnings report, scheduled for release after the market closes on August 21 2024. The company is expected to report earnings per share (EPS) of 16 cents and revenue of $849.70 million.
SNOW Price Action: Snowflake shares were up by 3.36% at $127.16 according to Benzinga Pro.
See Also:
Photo via Shutterstock.
Edge Rankings
Price Trend
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
