Snowflake Drops Nearly 10%, Erasing $12 Billion in One Session
As seen on the 24/7 Wall St. homepage on October 16, 2026.
A 9.88% slide to $307.42 takes roughly $12 billion off a $109 billion market cap in a single session, one of the sharpest single-day drops this name has posted. Whether the $341 open gets reclaimed is the level to watch.
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Snowflake spent the entire session under pressure, sliding in near-continuous fashion to a loss of roughly 9.9%, a move severe enough to rank among the sharpest single-day drops the stock has posted.
The scale of the dollar damage is what makes this session stand out. A roughly $12 billion reduction in market value in one day reflects the kind of selling pressure that goes well beyond routine profit-taking, though the card facts do not identify a specific catalyst for the move.
The steepest leg down came in the first hour of trading, and the stock never recovered, suggesting sellers remained in control throughout the session.
The level to watch now is the $341 open. Reclaiming that price would signal that buyers absorbed the session's damage and are pushing back. Until that happens, the day's close stands as the new reference point for anyone assessing where Snowflake's stock finds its footing.
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Mentioned: SNOW