Stocks Rise on Cooling Inflation Data; Snowflake Plunges 20% on Weak Forecast
• The Dow Jones Industrial Average and other major indexes rose Thursday following key inflation data. Meanwhile, AI stock Snowflake plunged over 20% on weak earnings.
• The PCE price index rose 0.3% in January with a 2.4% annual increase, matching estimates. The core PCE price index climbed 0.4% and 2.8% year-over-year.
• Software leader Snowflake fell sharply after its revenue outlook for 2025 came in well below expectations. CEO Frank Slootman also announced his retirement.
• AMD, SharkNinja, Toll Brothers, and Weatherford are among top stocks near buy points. Dow Jones stocks Disney, Dow, and P&G are also stocks to watch.
• Among "Magnificent Seven" leaders, Nvidia rose 2% and Tesla gained 1.1% Thursday. Dow stocks Apple and Microsoft also traded slightly higher.