Meta Platforms, Inc (NASDAQ:FB) and Snap, Inc (NYSE:SNAP) gained 5.37% and 7.24%, respectively, on Wednesday in a bullish attempt to reverse course to the upside. The social media stocks have been beaten down since September 2021, when they reached all-time highs.
In the premarket on Thursday, Meta and Snap were trading slightly lower in sympathy with the SPDR S&P 500 (NYSE:SPY), which was reacting bearishly to Consumer Price Index data for January. Consumer prices rose by 7.5% compared to the analyst estimate of 7.3%, making it more likely the Federal Reserve will continue with its plan to raise interest rates in March to combat inflation.
