Snap jumps to 11% gain as potential TikTok bans gain strength
Justin Sullivan

Snap (NYSE:SNAP) jumped 11% Monday, reaching its highest point in a month, on trading volume that had far surpassed daily averages by midday.
Volume had hit 52.4M shares just after 1 p.m., vs. a daily average of 31.5M shares, and tagged its highest point since Feb. 8.
That's a move up generally attributed to a steadily building push among U.S. lawmakers to ban Chinese social-media hit TikTok (BDNCE) in some form.
This week could bring a bipartisan Senate bill providing for systematic bans of Chinese technology including that powering TikTok, owned by China's ByteDance (BDNCE). Democratic Sen. Mark Warner is working across the aisle with Sen. John Thune to introduce a bill that would go after TikTok, one of a number of efforts welling up in the U.S. Congress.
Meanwhile President Biden's administration is nearing completion of an executive order that could restrict investments by U.S. companies in some parts of China's economy, notably including advanced technologies. The objective there is "preventing U.S. capital and expertise from being exploited in ways that threaten U.S. national security while not placing an undue burden on U.S. investors and businesses," Bloomberg reported.
Moving up in some sympathy Monday were peer Internet services competing for attention with TikTok: Pinterest (PINS) was 2.2% higher; Spotify (SPOT) rose 2.5%. Among bigger Internet content services, Alphabet rose (GOOG) +1.8%, (GOOGL) +1.7%, and Meta Platforms (META) was up 0.5%.