New York, Jan 14, 2026, 21:29 EST — Market closed
- Snowflake shares dropped 1.5% Wednesday, marking their second consecutive day of losses.
- Barclays downgraded its rating to “equal weight,” citing concerns over valuation and intensifying competition for new workloads.
- Thursday will bring key U.S. economic data, along with the upcoming Snowflake earnings report, marking the next major checkpoints.
Snowflake Inc. shares fell 1.5% to close at $206.16 on Wednesday, adding to declines from a steep drop earlier this week.
This matters now because Snowflake, a high-growth software company, tends to see its stock swing wildly on even minor changes in forecasts. Investors are on edge, gearing up for a packed schedule of earnings reports and new U.S. economic data. 1
Barclays played a major role in the recent pullback. The bank downgraded Snowflake from overweight to equal weight and slashed its price target to $250 from $290. It cited valuation concerns following last year’s rally and “heightened competition for new workloads.” (Equal weight means a neutral stance relative to the market or sector.) 2
Barclays still called Snowflake a “best-in-class software asset,” but said the stock’s valuation offers “limited upside” following what it described as “stellar outperformance in 2025.” 3
Snowflake slid roughly 4.9% Tuesday and dipped further on Wednesday. Trading volume slowed, falling from around 8.05 million shares Tuesday to about 4.75 million on Wednesday, according to exchange figures. 4
Macro is back on the radar. Wednesday’s data revealed U.S. retail sales climbed beyond expectations in November. The report came out late, delayed by a government shutdown that pushed back data collection and release. 5
Thursday kicks off with a batch of crucial data at 8:30 a.m. ET. Investors will be focused on weekly initial jobless claims, the Philadelphia Fed manufacturing survey, and import/export price figures. Additional regional and consumption stats will also roll out. 6
The next major event on the company front is earnings season. Nasdaq’s calendar projects Snowflake will release results on Feb. 25, even though the company itself hasn’t confirmed a date. 7
Recent days have seen little activity in new filings. Snowflake’s investor relations page lists its most recent SEC submissions from early January. 8
But the risks go both ways. If customers pull back on usage, Snowflake’s consumption-based revenue could hit quarterly results fast. Stronger economic data could also shift rate expectations — a common headache for high-priced software shares.
Traders are focused on whether the stock can find footing following the selloff triggered by the downgrade. Thursday’s data could shift the rate outlook, setting the stage before eyes move to Snowflake’s upcoming earnings report.
