The stock market closed lower on Thursday amid inflation concerns. Both S&P 500 and NASDAQ slid for their fifth straight day, with the former registering its longest losing streak since October 2023.
Overall, S&P 500 fell 0.2% to 5,011, while NASDAQ declined 0.5% to 15,602.
Tweet of the Day
2024 McD Worldwide Convention
Automation:
Automated bun toaster: still have to load buns into tubes + load tubes into cassette and press button to toast. Yes, this is a great first step but not sure this automation is for me. Two years ago they debut this and it was $30k.… pic.twitter.com/d7En05cgD8
— McFranchisee (@McFranchisee) April 11, 2024
Chart of the Day
Here is the one-year chart of Snowflake (SNOW) as of March 26, 2024, when the stock was at $158.
Snowflake stock has slumped after the CEO quit as he did not implement AI into the company. The new CEO has an AI background, and came to Snowflake in a previous acquisition. This was humiliating for the company, and investors slammed the stock on the news. SNOW was around $230 prior to earnings and now, it was just above $150. To make matters worse, the CEO of Databricks, the company’s main competitor, stated that Snowflake was not doing any AI, and is just a warehouse company that used to ask questions about the past.
SNOW is on the radar for the Growth Portfolio.
