From Nasdaq:

Snowflake stock (NYSE: SNOW) plummeted 5% on Tuesday, without company-specific news to blame but impacted by bearish sentiment in the tech sector. This comes as Barclays downgraded Apple’s rating. Global economic stability is in question as ASML halts exports of its advanced chip machines due to U.S. government pressure.

Apple’s downgraded stock doesn’t directly reflect the outlook for Snowflake. However, the market cap of $2.89 trillion maintains influence in the market. Tensions are strained between the U.S. and China, creating geopolitical risks that could destabilize the global economy, impacting the stock market as a whole.

Snowflake stock is still up 32% over the past year, with untapped AI opportunities. For long-term investors with higher risk tolerance, the recent pullback presents a potential investment opportunity despite the stock’s speculative nature.

The Motley Fool Stock Advisor analyst team recently identified the 10 best stocks for investors to buy now, leaving Snowflake off the list. The service has more than tripled the return of S&P 500 since 2002. Keith Noonan does not hold any positions in the stocks discussed. The Motley Fool has positions in and recommends ASML, Apple, and Snowflake. It also recommends Barclays Plc.



Read more: Snowflake Stock Fell Today — Is It a Buy for 2024?