Benzinga | Sep 27, 2021 11:34AM EDT

Why Snap Shares Are Falling

Snap Inc (NYSE:SNAP) shares are trading lower by 3.3% at $80.43 amid overall market weakness as technology and growth stocks dip on a rise in the 10-year treasury yield.

The 10-year Treasury yield hit an intraday high of 1.517% Monday morning before dipping to around the 1.484% level. The move in the 10-year note comes after the Federal Reserve last week spoke on winding down its ongoing asset purchasing program. A rise in

Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.

Snap has approximately 158 million daily active users. Snap generates nearly all of its revenue from advertising with 88% coming from the U.S. The firm is headquartered in Venice, California.

Snap has a 52-week high of $83.34 and a 52-week low of $24.13.