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US markets fell; Snowflake plunged 15% on guidance update; Kroger lifted 11.6% on strong Q4 results

  • The Nasdaq fell 1.56% to close Thursday’s session at 13,538 points.
  • Snowflake plunged 15% on Q4 results & weaker-than-expected sales guidance.
  • Kroger jumped 11.6% on Q4 results that topped Wall St expectations.

The US markets returned to negative territory on Thursday as investors grew concerned over the possible impacts lower consumption of Russian commodities like oil will have on the already high inflation rate in the US. US crude oil prices briefly topped US$116/barrel, the highest level since 2008.

The Dow Jones fell 0.29% to finish the trading day down 97 points to close at 33,795 points.

The tech heavy NASDAQ fell 1.56% to finish the trading day down 214 points to close at 13,538 points.

One bitcoin is worth US$42,541 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 73.27 US cents.

Cloud software company Snowflake plunged 15% after reporting fourth-quarter results that indicated the company’s slowest growth since 2019. For the period, Snowflake reported product revenue growth of 102% to US$359.6m, 5944 total customers and 184 customers with trailing product revenue greater than US$1m. Investors sold out of Snowflake shares after the company issued weaker-than-expected sales guidance.

US-based supermarket chain giant Kroger jumped 11.6% on Thursday after reporting fourth-quarter results that beat Wall St expectations. For the period, Kroger reported an adjusted EPS of US$0.91/share on revenue of US$33.05bn, well above the expected US$0.74/share on revenue of US$32.86bn. Kroger also reported adjusted FIFO operating profit of US$4.3bn for the year and a fourth consecutive year of cost savings above US$1bn.

And EA Games is the latest global company to take action against Russia by removing Russian teams from its popular Fifa 22 video game.

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