Snap (SNAP) was trading more 9% lower at $12.75 at 10:30 a.m. ET Tuesday after Cowen cut revenue estimates for the name. It's one of several popular tech stocks that are slumping amid a weak tape.
Stocks Open Sharply Lower
The Dow industrials opened more than 300 points in the red Tuesday as stocks fell on growing fears of a U.S.-Chinese trade war.
The Dow dropped 329.88 points to 24,657.59 shortly after the opening bell, while the S&P 500 shed 26.38 ticks to 2,747.37. The Nasdaq Composite index likewise lost 89.08 points in the early going to reach 7,657.95.
Stocks are falling after President Donald Trump unveiled new potential tariffs on Chinese goods on Monday evening.
Wall Street Braces for Bad Opening on Trump Trade Talk
Stocks look ready to plunge on the opening bell Tuesday as major multinationals seem poised to sell off on President Donald Trump's latest threatened escalation in the U.S.-Chinese trade tiff.
Futures on the Dow Jones Industrial Average were down 345 points at 24,671 shortly before the market's 9:30 a.m. ET opening. S&P 500 futures were also down 27.75 points at 2,752.00, while Nasdaq Composite futures were trading 89.5 ticks lower at 7,186.50.
Stocks that appear at risk to Chinese retaliation include Boeing (BA) , which was trading $7.05 lower at $347.75 in the premarket, and Caterpillar (CAT) , which was off $2.43 at $146.25 shortly before the opening bell.