US software stocks rise after Snowflake's upbeat forecast

Adobe

03/09/2026 13:09

** U.S. software stocks rise premarket after Snowflake SNOW.N lifts FY27 product revenue forecast and beats Q2 estimates
** SNOW soars 23.8% to $378.9 before the bell 
** The cloud data platform provider raised its FY27 product revenue forecast to $6.07 billion from $5.84 billion
** Other software cos also rise: ServiceNow NOW.N up 2.8%, Salesforce CRM.N advances 1.5%, Adobe ADBE.O gains 1.3%, Intuit INTU.O adds 1.3% and Atlassian TEAM.O up 1.9%
** IShares Expanded Tech-Software Sector ETF IGV.N also up 1.3%
** Software stocks have been under pressure this year amid concerns that new artificial intelligence models could upend the industry and disrupt established business models
** S&P 500 Software & Services Index .SPLRCIS down 1.7% YTD vs a 12% gain in S&P 500 .SPX  
     

 (Reporting by Anand Gopal in Bengaluru)
 ((AnandGopal.R@thomsonreuters.com))