Stock market today: Snap plunges 31% on earnings miss, US futures flat

Feb 7, 2024
  • Snap stock plummeted 31% ahead of Wednesday’s opening bell after an earnings miss.
  • US futures were treading water after a muted trading session Tuesday.
  • Investors are keeping an eye on Federal Reserve policymakers’ speeches, which could offer rate clues.

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Snap stock plummeted in Wednesday’s premarket after the social media company posted a disappointing fourth-quarter earnings report where its revenue fell short of Wall Street’s expectations.

“Investors’ patience has been tested, and it’s clear fewer are optimistic about Snap’s ability to bounce back from the ad slump,” said Hargreaves Lansdown’s Susannah Streeter.

“Coming so soon after the stellar Meta performance, a nagging worry about the way Snap is being run has turned into a crisis of confidence.”

Shares in the Snapchat owner were down 31% shortly before 6 a.m. ET in a selloff that could erase about $9 billion in market valuation.

Meanwhile, futures for the Nasdaq 100 traded flat, and the S&P 500 and Dow Jones Industrial Average were on pace to dip 0.1% at the opening bell. Yields on 10-year Treasury notes also barely moved.

Investors will be keeping an eye on speeches from Federal Reserve Board of Governors member Adriana Kugler and Richmond Fed president Tom Barkin, which could give them a better idea about the central bank’s stance on interest rates.

Uber and Walt Disney are among the companies set to report results on Wednesday.

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