Why Snap Stock Surged This Week
Shares of Snap (NYSE: SNAP) jumped this week after the Snapchat parent got slammed in its earnings report last Thursday.
The gains seemed to signal that investors thought the stock was oversold after last week's plunge, and part of the rebound came in response to hopes of a "Fed pivot," or that the Federal Reserve would ease back on its interest rate hikes.
Disappointing earnings reports from peers like Alphabet and Meta Platforms also seemed to confirm that Snap's problems were mostly due to the macroeconomic climate rather than an issue with the company.
Source Fool.com
