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Benzinga
Benzinga
Business
Adam Eckert

Snowflake Stock Falls To 52-Week Lows: What's Going On?

Snowflake NYSE Snowflake Inc

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.

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