Salesforce Boosts Snowflake as Tech Sector Sees Short-Term Strength

Salesforce's strong second-quarter earnings and raised full-year guidance have spilled over into Snowflake, as investors treat news from one enterprise software provider as a signal for demand across the group.

The tech giant reported top-line revenue of $11.35 billion, beating Wall Street estimates, while profitability also exceeded expectations at $5.90 per share, up from $3.27.

Snowflake shares are trading higher, climbing 5.08% to $331.39 as the sector's short-term strength continues, with the stock well above both its 50-day and 200-day averages.