- The Trade Desk (NASDAQ:TTD) stock is falling on news from Snap (NYSE:SNAP)
- Snap warned it won’t meet internal guidance for revenue or profit
- This is hammering internet stocks today alongside macro effects on the market
The Trade Desk (NASDAQ:TTD) stock isn’t doing so hot on Tuesday but it’s not due to any news from the tech company. Instead, investors can look to Snap (NYSE:SNAP) as the source of news dragging down TTD stock as well as other internet company shares today.
So what exactly did Snap do to spook internet stocks? The social media company announced that it won’t reach its internal guidance for revenue or profit. It’s worth noting this comes just one month after the company reported quarterly user growth in April above estimates.
The warning from Snap is affecting internet stocks, such as social media companies, as well as those involved in advertising. But it’s not entirely SNAP’s fault that TTD and other stocks are taking a beating today.
Investors can look to more macro elements in the market to blame for today’s drop. Among them are the increasing interest rates and inflation in the U.S. This is affecting consumer spending, which hurts ad revenue, reports Bloomberg.
All of this has TTD stock seeing incredibly heavy trading on Tuesday. As of this writing, more than 12 million shares of the company’s stock have been traded. That’s quite the leap compared to its daily average trading volume of around 6.2 million shares.
TTD stock is down 18.9% as of Tuesday afternoon and is down 52.8% since the start of the year.
There’s more stock market news worth checking out below!
We’ve got all the hottest stock market news that traders need to know about for Tuesday! A few examples include what’s going on with shares of Meta Platforms (NASDAQ:FB), Fisker (NYSE:FSR), and Pinterest (NYSE:PINS) stock today. You can catch up on all of that news at the following links!
More Tuesday Stock Market News
- Why Is Meta Platforms (FB) Stock Down 8% Today
- Why Is Fisker (FSR) Stock Down 14% Today?
- Why Is Pinterest (PINS) Stock Down 25% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.