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Benzinga
Benzinga
Business
Melanie Schaffer

Why Beaten-Down Snap Stock Could Be Poised For A Reversal

SNAP Jerome Powell NYSE US Federal Reserve

Snap, Inc (NYSE:SNAP) was trading down more than 5% on Thursday compared to the S&P 500, which was trading near flat after a morning dip caused by Federal Reserve chairman Jerome Powell’s testimony in front of the Senate banking committee, where he said the central bank will go ahead with its plans to raise interest rates this month.

Over the past three trading days, Snapchat's stock has erased all of the gains it had made between Feb. 24 and Feb. 28, when the stock bounced up aggressively from a support level at $34.95.

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