RTTNews | Oct 23, 2020 09:54AM EDT

09:54 Friday, October 23, 2020 (RTTNews.com) - Shares of Snowflake Inc. (SNOW), a provider of cloud-based data platform, are losing almost 5 percent or $14.48 in Friday's morning trade at $282.61 despite no company-specific news that could influence the stock.

U.S. stocks are modestly higher on Friday amid continued optimism that lawmakers in Washington will eventually reach an agreement on a new stimulus bill. However, a notable drop of shares of Intel Corp. (INTC) weighed on the tech sector, after the semiconductor giant reported third quarter earnings that beat analyst estimates but on weaker than expected revenues for its Data Center Group.

Snowflake has traded in a range of $208.55 to $319.00 in the past 52 weeks.

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