Shares of several companies in the broader technology sector, including Snap Inc (NYSE:SNAP), are trading lower as investors weigh Wednesday's Fed announcements and assess tapering outlook. Expected rate hikes for 2022 which could weigh on tech and growth stocks.
Snap shares are also trading lower amid overall market weakness as omicron variant concerns weigh on stocks across the broader technology sector.
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Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe. Snap generates nearly all of its revenue from advertising with 88% coming from the U.S. The firm is headquartered in Venice, California.
Snap has a 52-week high of $83.34 and a 52-week low of $44.07.
