Investors may want to keep an eye on Snap (SNAP).
After finding double bottom support around $10, the stock is starting to move on speculation President Biden could ban TikTok in the U.S. Just last week, the Administration voiced support for a Senate bill that would allow that to happen.
According to CNBC, U.S. lawmakers have expressed concern that TikTok, by virtue of its Chinese ownership, poses a potential national security threat, with U.S. Senator Mark Warner, D-Va., recently saying that “This competition with China around who dominates technology domains, that really is where the nexus of national security lies going forward.”
Should the ban happen, SNAP could potentially regain any users lost to TikTok, which could send SNAP to higher highs.