Stock Indexes Tick Lower After Rising for 7th Time in 8 Sessions; Weekly Jobless Claims Come in Lower Than Expected

Snowflake Stock Drops as Operating Margin Forecast Disappoints

19 minutes ago

Investors are hammering Snowflake (SNOW) stock despite fiscal 2026 third-quarter results that topped analysts’ expectations on the top and bottom line.

Shares of Snowflake sank 10% Thursday, a day after the Bozeman, Mont.-based cloud data analytics company issued a current-quarter operating margin projection lower than that of Q3.

Snowflake posted Q3 adjusted earnings of $0.35 per share on revenue that increased 29% year-over-year to $1.21 billion. Analysts surveyed by Visible Alpha had expected $0.31 and $1.19 billion, respectively.

For the quarter ended Oct. 31, Snowflake reported operating income of $131.3 million, with an 11% margin. However, for Q4, the firm expects a 7% operating margin, below the 9% margin it guided for—and surpassed—in Q3.

“We will continue to invest in the business, but I think there is also substantial gains to be had in just how efficient we are as a company,” Snowflake CEO Sridhar Ramaswamy said on the earnings call, according to an AlphaSense transcript. “And I don’t think of this as an either/or. We have had pretty healthy expansions in things like operating margin, but also things like [stock-based compensation] year-over-year, and we will continue to press hard on those things.”

Even with today’s plunge, Snowflake stock is up more than 50% this year.

The Trump Name Isn’t What It Used to Be on Wall Street

1 hr 46 min ago

It’s been a troubling couple of months for investors—including the first family.

Assets linked to President Donald Trump and his family have underperformed the broader market in recent months. The weakness has been most pronounced in crypto markets, where affiliation with the Trump family has at other times sent asset prices skyrocketing. 

Shares of Eric Trump’s American Bitcoin (ABTC), formed through a merger with an existing bitcoin miner, plummeted as much as 50% in early trading on Tuesday and finished the session down 39%. American Bitcoin on Tuesday closed at its lowest price since Trump’s involvement was announced in May and finished Wednesday about 75% of below its September closingb high.

Meanwhile, a widespread crypto rally pushed Bitcoin back above $93,000 and lifted shares of miners and Bitcoin treasury companies like Strategy (MSTR)—the latter which rose nearly 4% yesterday.

Read the full article here.

–Colin Laidley

Dow, S&P 500 Approaching All-Time Highs

2 hr 29 min ago

With their recent run of gains, the Dow Jones Industrial Average and S&P 500 are approaching record closing highs.

Since the end of trading on Nov. 20, the blue-chip Dow and benchmark S&P 500 have gained 4.7% and 4.8%, respectively, to move within 1% of all-time closing highs.

The Dow entered Thursday at 47882.90, near its record close of 48254.82 set on Nov. 12. The S&P 500 stood at 6849.72, near its ending record of 6890.89 on Oct. 28.

The tech-heavy Nasdaq entered the day about 2% below its all-time closing high of 23958.47 set on Oct. 29.

Prediction-Markets Data Is on CNN Now. Expect to See It Just About Everywhere Soon

3 hr 24 min ago

Prediction markets are getting more more visible to the masses by the day.

Kalshi recently announced a partnership with CNN that would include integrating its prediction markets data across the national media network’s programming. Certain segments are already showing a scrolling banner detailing the odds of events contracts on the exchange, and the announcement indicates the possibility of many more uses.

Prediction markets have become a hot commodity after the 2024 U.S. presidential election, when Polymarket bettors more accurately predicted the outcome than did many traditional polls. That has beckoned a raft of new players into the mix—including Robinhood (HOOD), Coinbase (COIN) and Trump Media (DJT)—as well as a wave of investment dollars.

Competition in prediction markets is heating up. Kalshi has inked deals with Google Finance, the National Hockey League and Robinhood, the latter which is planning to roll out its own exchange. Polymarket is due to return to the U.S. and has drawn an investment from New York Stock Exchange parent company Intercontinental Exchange (ICE). FanDuel has a pact with CME Group (CME) to launch a platform this month.

Lots of money is at stake. “The time has finally come for prediction markets to achieve their full potential and we are intent on making that happen,” Kalshi cofounder and CEO Tarek Mansour said in a social media post on Tuesday. Mansour’s post followed an announcement that the company raised $1 billion in fresh fundraising that set its valuation at $11 billion.

Read the full article here.

–Crystal Kim

Stock Futures Little Changed After Major Indexes Finish Higher for 7th Time in 8 Sessions

3 hr 50 min ago

Futures contracts tied to the Dow Jones Industrial Average ticked about 0.1% higher.

S&P 500 futures were flat.

Nasdaq 100 futures were down about 0.1%.