Business

Another day, another tumble in SNAP.

Today's tumble continues the slide from $29 highs, $24 open, and $17 IPO as SNAP shares trade down to $13.20 in the pre-open after this weekend's IPO lockup expiration...

The exact number of shares available after the lockup expires isn’t disclosed, according to Bloomberg data.

JPMorgan believes ~400m shares owned by early investors will become available on July 31, while MKM estimated that 60% of the 844m outstanding shares will be unlocked.

President Trump is active this morning. His first tweet of the week was a shot across the bow of Congress (who exempted themselves from Obamacare because it was such a disaster) and suggesting - shockingly to many in DC - that insurance companies may face some pain...

If ObamaCare is hurting people, & it is, why shouldn't it hurt the insurance companies & why should Congress not be paying what public pays?

— Donald J. Trump (@realDonaldTrump) July 31, 2017

As many traders quietly leave for summer break soaking up even more liquidity as they go, a busy US calendar unfolds in the week ahead, with ISM, PCE price data and, of course, payrolls in the spotlight.

Key Events, courtesy of RanSquawk

With high-margin FICC revenues stuck in a secular decline across the financial industry, banks are forced to extract as much profit as possible from existing product lines. Which explains why JPMorgan will soon be using a "first-of-its-kind robot" to do away with carbon-based traders altogether and execute trades across its global equities algorithms business using a "robot", after a recent trial of JPM's new artificial intelligence (AI) program showed it was "much more efficient than traditional methods of buying and selling", the FT reports.

• HSBC, miners lift European shares as dollar holds near lows (Reuters)
• Republicans Face Tough Choice: Repeal Obamacare or Cut Taxes (BBG)
• Trump’s Decisions Deepen Divide Among Republicans (WSJ)
• Koch Brothers Move to Back White House’s Tax-Cut Plan (BBG)
• Maduro Waits for U.S. Response After Violent Venezuela Vote (BBG)
• OPEC Has a Crippling Problem: Its Members Can’t Stop Pumping (WSJ)
• Catalan Separatist Chief Is Ready to Go to Jail (BBG)