Market Overview - U.S. stocks closed near unchanged as investors assessed labor market reports and economic data, with expectations for a Federal Reserve interest rate cut next week [6][7] - The Dow Jones Industrial Average fell by 31.96 points (0.07%) to 47,850.94, while the S&P 500 gained 7.40 points (0.11%) to 6,857.12, and the Nasdaq Composite increased by 51.04 points (0.22%) to 23,505.14 [6][7] Labor Market Indicators - Initial jobless claims dropped to their lowest level in over three years, although this decline may be influenced by the Thanksgiving holiday [6][7] - The Chicago Fed estimated the unemployment rate remained around 4.4% in November [6][7] - Markets are pricing in an 87% chance of a 25 basis point rate cut this month, up from 68.6% a month ago [6][7] Company Performance - Kroger's shares fell by 4.6% after the supermarket chain narrowed its annual sales forecast and missed quarterly sales estimates [4][7] - Dollar General's stock surged by 14% following an increase in its annual profit forecast [4][7] - Snowflake's shares tumbled by 11.4% after the company provided a fourth-quarter product revenue forecast below investor expectations [4][7] - Salesforce's stock rose by 3.7% after raising its fiscal 2026 revenue and profit forecasts, driven by strong demand for its AI platform [6][7] - Meta Platforms increased by 3.4% after reports of planned cuts to its Metaverse budget [6][7] - Hormel Foods advanced by 3.8% after forecasting annual profit above estimates [4][7] Market Activity - Advancing issues outnumbered decliners by a ratio of 1.06-to-1 on the NYSE and 1.39-to-1 on the Nasdaq [5][7] - The S&P 500 recorded 31 new 52-week highs and five new lows, while the Nasdaq Composite saw 114 new highs and 52 new lows [5][7] - U.S. exchanges had a trading volume of 15.13 billion shares, compared to the 17.98 billion average over the last 20 trading days [5][7]

Core Viewpoint - Snowflake's shares dropped over 10% intra-day after the company provided a fourth-quarter product revenue forecast that fell short of investor expectations, despite reporting better-than-expected results for the previous quarter [1]. Financial Performance - For the quarter ended October 31, Snowflake reported adjusted earnings of $0.39 per diluted share on revenue of $1.21 billion, surpassing analyst estimates of $0.35 per share on revenue of $1.18 billion [3]. Revenue Forecast - The company anticipates current-quarter product revenue between $1.195 billion and $1.200 billion, indicating approximately 27% year-over-year growth, while Wall Street had expected around $1.19 billion. Analysts noted that investors were hoping for guidance closer to 30% growth due to the stock's recent performance [2]. AI and Partnerships - Snowflake's AI-led products are driving customer acquisitions as businesses seek to leverage automation and advanced analytics. The company has established partnerships with major technology firms, including Anthropic, Amazon Web Services, and Google's Gemini AI platform, to meet the increasing demand for AI tools and cloud-based data infrastructure [4].

Group 1: Market Overview - Major U.S. equities indexes showed mixed performance, with the Dow Jones Industrial Average down 0.1%, while the S&P 500 and Nasdaq both increased by 0.1% [1] - Tech stocks experienced gains, while consumer staples stocks faced losses [1] Group 2: Company Performances - Dollar General (DG) saw a significant stock increase of nearly 12% after reporting strong quarterly results, following a positive report from competitor Dollar Tree (DLTR) [1] - Meta Platforms (META) shares rose by 4% after news of potential spending cuts in its metaverse segment for the next year [2] - Kroger (KR) was the largest decliner in the S&P 500, with shares falling 6% due to quarterly sales that missed analysts' expectations [2] - Snowflake (SNOW) shares dropped 11% after a disappointing margin forecast raised concerns about its AI-related investments [3] - Intel (INTC) stock decreased by 6%, as the company decided to retain its networking and communications segment after a strategic review [3] Group 3: Commodity and Currency Movements - Oil and gold futures experienced an increase, while the yield on the 10-year Treasury note rose to 4.10% [4] - The U.S. dollar weakened against the euro and yen but strengthened against the pound [4] - Bitcoin's price fell to just above $92,000, while Ethereum gained, with most other major cryptocurrencies declining [4]

Key Takeaways Investors are hammering Snowflake's stock despite quarterly results that topped analysts' expectations on the top and bottom lines. Snowflake CFO Brian Robins told analysts during the company's earnings call not to "read too much into" the company's fourth-quarter guidance, according to an AlphaSense transcript. "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," CEO Sridhar Ramaswamy said, adding, "I do ...