Shares of social media companies, including Snap Inc. (NYSE:SNAP) are trading lower in sympathy with Facebook, Inc. (NASDAQ:FB), which dipped following a CBS interview with a former employee, who made criticisms of the company.
A rise in yields has also weighed on the broader technology sector today.
The 10-year Treasury yield hit an intraday high of 1.508% Monday morning before dipping to around the 1.496% level. The spike in the 10-year note Monday comes after the Federal Reserve in September spoke on winding down its ongoing asset purchasing program.
Snap Inc. operates as a camera company in the United States and internationally.
Snap’s stock was trading about 5.7% lower at $70.96 on Monday at the time of publication. The stock has a 52-week high of $83.34 and a 52-week low of $26.51.