Snowflake Inc (NYSE:SNOW) shares are trading lower Thursday alongside several companies in the broader technology sector amid overall weakness as traders continue to digest Wednesday's Fed rate hike announcement. An increase in yields has also pressured tech and growth stocks.
The Federal Reserve raised rates by 50 basis points on Wednesday, its first rate hike of at least half a percentage point in more than 20 years. Stocks surged following the announcement, but have pulled back significantly on Thursday.
See Also: Could This Be The Reason Stocks Raced Higher Following The Fed Meeting?
The U.S. 10 Year Treasury yield was hovering around 3.09% at last check, its highest level since 2018.
Altimeter Capital's Brad Gerstner noted that Snowflake is his largest position earlier in the week.
"We think this is one of the biggest beneficiaries of the shift of all data workloads into the cloud and that's why it's the biggest position in our portfolio," Gersnter said.
Related Link: Are Investors Valuing Snowflake Stock Wrong? Here's Why It's Brad Gerstner's Largest Position
SNOW Price Action: Snowflake is making new 52-week lows on Thursday.
The stock was down 9.63% at $168.10 at press time, according to data from Benzinga Pro.
Photo: courtesy of Snowflake.
