Shares of Snap jumped as much as 5 percent Tuesday after social media rival Instagram lost its co-founders, Kevin Systrom and Mike Krieger. By market close, the stock had settled to more modest gains.

The photo-sharing apps have long taken cues from each other. In 2016, Facebook-owned Instagram introduced a Stories feature similar to Snapchat's main functionality. Earlier this week, Snap announced a partnership with Amazon to aid social-based shopping — a space Instagram has been eyeing for months.