SNAP is trading at $5.09, down 4.7% as a disappointing February jobs report and escalating Middle East tensions trigger a broad market selloff.
- The Labor Department reported an unexpected loss of 92,000 jobs, significantly missing forecasts of a 60,000 gain and pushing the unemployment rate to 4.4%.
- Geopolitical risks are mounting as the Iran-Israel conflict threatens oil supplies via the Strait of Hormuz, weighing heavily on growth-sensitive equities.
- The Nasdaq Composite and S&P 500 both dropped 1.49%, with software and growth stocks facing additional pressure from broader AI disruption fears.