What's Going On With Snap Shares?

Snap Inc SNAP shares are trading lower by 4.18% to $11.23 Wednesday as the stock pulls back following recent strength. The stock gained in recent sessions amid unveiling of a U.S. Senate bill that could ban TikTok.

Per a CNBC report, the bill, known as the Risk Information and Communications Technology Act, "would give the secretary of commerce broad power to regulate tech produced by six countries that have adversarial relationships with the U.S.: China, Cuba, Iran, North Korea, Russia and Venezuela."

The bill on Tuesday received support from the White House, which called it “a systematic framework for addressing technology-based threats to the security and safety of Americans,” CNBC reported.

Despite Wednesday's pullback, Snap shares are higher by some 13.31% over the trailing 5 sessions ahead of the bill's unveiling.

According to data from Benzinga Pro, Snap Inc has a 52-week high of $39.80 and a 52-week low of $7.33.