Snap Inc SNAP shares are trading higher by 3.91% to $11.98 Thursday afternoon, despite a lack of company-specific news from the session. The stock may be seeing a rebound following a heavy tech selloff on Tuesday.
Snap shares were otherwise trading lower during Tuesday's session after August CPI data showed greater-than-expected US inflation. Rising inflation could weigh on consumer spending while further Fed rate hikes could drive an economic slowdown and cause consumers to cut spending on discretionary items and subscriptions.
A recent rise U.S. Treasury yields has also negatively impacted growth companies such that, when interest rates otherwise rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
According to data from Benzinga Pro, Snap has a 52-week high of $83.34 and a 52-week low of $9.34.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.