Today I discuss the J Powell triggered profit pull and the hottest new software IPO, Snowflake SNOW.
Every time Jerome Powell (Chairman of the Federal Reserve) gets on the podium, the markets sell-off. Despite the Fed announcing that it doesn't anticipate a rate hike until 2023, Jerome Powell's verbiage's ambiguity towards the future economic conditions instilled fear in the markets yesterday. It has led to the pullback we have seen in the past 24 hours.
The S&P 500 is teetering on its 50-day moving average and determining which direction to take.
Snowflake marked the largest software IPO in history with this innovation-driven enterprise closing its first day of trading at a $70 billion market capitalization. This company epitomizes the future of big data. The business has growing control of the niche cloud segment of collecting, managing, storing, and queuing up data in an infinitely scalable way.
Snowflake is currently only hostable through 3 IaaS platforms: Amazon's AMZN AWS Microsoft's MSFT Azure, and Google's GOOGL GCP.
Snowflake is undoubtedly on the front lines of cloud computing and big data. The consistent triple-digit percentage growth that this enterprise has been illustrating over the past few years demonstrates the massive amount of proliferating demand for the business, but that doesn't mean the stock is worth its current valuation.
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