Why Snap Shares Are Moving Today

Snap Inc SNAP shares are trading lower by 1.6% at $61.32 Wednesday afternoon.

Weakness appears related to overall market weakness as well as investors watching for possible policy shifts this afternoon and the central bank's plan, or not, to handle inflation. Investors are also watching for news on interest rates, as a rise in rates could weigh on growth and technology stocks.

Snap is an American camera and social media company founded in 2011 by Evan Spiegel and Bobby Murphy. Snap is based in Santa Monica, California and has three products that drive revenue: Snapchat, Spectacles and Bitmoji.

Snap has a 52-week high of $73.59 and a 52-week low of $20.61.