Stock Market Today: Oh, Snap! Social Swoon Keeps Market Guessing
The stock-market pendulum swung in the other direction again Tuesday, though how exactly it treated investors' individual portfolios was largely contingent on how much technology and tech-esque exposure they had.
The major catalyst today was last night's announcement by Snap (SNAP) CEO Evan Spiegel that the company would fall well short of its internal current-quarter revenue and earnings estimates. "The macro environment has deteriorated further and faster than we anticipated when we issued our quarterly guidance last month," he says.
Snap shares cratered 43.1% in response Tuesday and (, -5.0%), Facebook parent (, -7.6%) and (, -3.2%) were all swept up in the selling pressure.
