Social media stocks have been on the rise in the stock market over the past 3 trading sessions including Meta, Alphabet, Snap and Pinterest after Senate Democrats and Republicans introduced a bill that would give the administration new powers to ban Chinese apps that pose security threats, including the popular video-sharing platform TikTok.
Among these stocks, Snap Inc (NYSE: SNAP) owns Snapchat, a social media platform that connects users through visual communication and storytelling and could be poised to be the biggest beneficiary since it offers more or less the same features as TikTok. The stock jumped 22% this week and gained more than 40% this year. However, the stock slightly reversed from the highs and closed almost 6% lower on Wednesday.
Check out the detailed outlook here - https://gulfbrokers.com/en/snap-stock-outlook-after-gaining-22-this-week