Shares of social media stocks are trading lower amid overall weakness in tech-related sectors on rising yields.
Portfolio Pulse from Benzinga Newsdesk
Shares of social media stocks, including Pinterest (PINS) and Snap Inc. (SNAP), are trading lower due to overall weakness in tech-related sectors, which is attributed to rising yields.
September 06, 2023 | 5:37 pm
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NEGATIVE IMPACT
Pinterest's stock is trading lower due to overall weakness in the tech sector caused by rising yields.
Rising yields often lead to a sell-off in tech stocks as they make risk-free investments more attractive. This is causing a downturn in Pinterest's stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Snap Inc.'s stock is trading lower due to overall weakness in the tech sector caused by rising yields.
Rising yields often lead to a sell-off in tech stocks as they make risk-free investments more attractive. This is causing a downturn in Snap Inc.'s stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100