|Day's Range||62.70 - 62.70|
Just because a company's formerly sky-high valuation is now closer to reality doesn't mean it's necessarily a bargain.
The U.S. Federal Reserve increased the benchmark interest rate by 25 basis points from 4.75% to 5% on March 21. Historically, most stock market corrections have been followed by a bull rally. Hence, it makes sense to pick up shares of high-quality businesses such as Snowflake (NYSE: SNOW) and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), that have the potential to grow rapidly during a bull rally.
Data company Snowflake (NYSE: SNOW) went public in September 2020. At the time, management said it had a market opportunity of $81 billion. The story of how Snowflake's market opportunity tripled in under three years is worthy of investors' attention.