Bullish mood lifts Snap to session high of $10.4

Published: May 26 2023, 23:51 GMT+0

Bullish mood lifts Snap to session high of $10.4

Today at a glance: after finishing yesterday at $9.78, the US social media platform went up by 5.11% today and remained at the $10.28 level.

On the flip side, following a previous reading of 0.3%, Core Durable Goods Orders in United States released today at 12:30 UTC fell short of the 0% figure expected by analysts with an actual reading of -0.2%. Highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.

At the same time, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3.

This rally in Snap's share price coincided with other communication services stocks as Netflix was up 5.54%. Meta Platforms was up 3.7%. AT&T was up 2.31%.

10 months ago the US social media platform reached a significant high of $16.35 but has consequently lost 40.18% since then.