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US markets rallied; Snowflake soared 15.85% on Q3 results; Boeing lifted 7% on Chinese directives for MAX jets.

  • The Nasdaq rose 0.8% to close Thursday’s session at 15,381 points.
  • Snowflake soared 15.85% on strong Q3 results & guidance forecast.
  • Boeing rose 7% on a directive from Chinese authorities for the 737 MAX jets.

The see-saw of sessions for the US markets continued on Thursday as the key indices rebounded from Wednesday’s tumble to close higher despite ongoing concerns of the Omicron variant of COVID-19.

The Dow Jones rose 1.82% to finish the trading day up 618 points to close at 34,640 points.

The tech heavy NASDAQ rose 0.8% to finish the trading day up 127 points to close at 15,381 points with Google and Amazon gaining 1.52% and -0.18% respectively.

One bitcoin is worth US$56,761 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 70.91 US cents.

Cloud computing-based data warehousing company Snowflake surged 15.85% on Thursday after releasing impressive Q3 earnings results and strong guidance for FY22. For the period, Snowflake reported revenue skyrocketed 110% You to US$334.4m, well above analysts estimates of US$305.6m, sales in the Asia Pacific/Japan region soared 219%, total customer base grew 54% to 5416, and management projects product revenue will increase by approximately 104% to US$1.13bn in FY22.

Boeing shares popped 7% on Thursday after China’s aviation authority issued an airworthiness directive on the Boeing 737 MAX aircraft that brings the previously troubled plane one step closer to a green light for flying in Chinese airspace again. The directive instructs Boeing on revisions required before the MAX can return to service, however does not give a firm date on when China will lift the ban on the MAX jets.

And Hyundai’s Ioniq 5 has been revealed as the first ever electric vehicle to win News Corp’s Car of the Year for 2021.

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