SNAP is trading at $5.09, up 6.05% in pre-market trading as global markets surge following reports of a U.S.-Iran ceasefire agreement.
- The broader market is rallying on geopolitical de-escalation, with S&P 500 futures up 2.53% and Nasdaq futures climbing 3.34%.
- Oil prices plunged 15% as the reopening of the Strait of Hormuz eases energy supply and inflation concerns, following overnight gains in Asian markets including a 7.1% jump in the Kospi.
- With no company-specific news or earnings reported, the stock's movement is currently driven by macro-economic optimism and a significant reduction in risk premiums.