What you need to know on Wall Street today

Donald trump jr
Donald Trump Jr. addresses the crowd at the Republican National Committee. Alex Wong/Getty Images

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

Donald Trump Jr. just tweeted what he claims is the full email correspondence between himself and the music publicist who reportedly arranged the June 2016 Trump Tower meeting with a Russian attorney who reportedly promised dirt on soon-to-be Democratic presidential nominee Hillary Clinton.

You can read about the key details in the emails here, but the No.1 takeaway appears to be the promise of damaging info on Clinton as “part of Russia and its government’s support for Mr. Trump.” Trump Jr. responded, “If it’s what you say I love it especially later in the summer.”

Global markets were rocked by the release. The S&P 500 dropped as much as 0.6% on the news after trading little-changed for most of the morning. The Dow Jones industrial average slipped 0.2%. The CBOE Volatility Index, or VIX, which has sat dormant near record lows for much of the year, spiked more than 9%. You can stay up to date with all the market moves right here.

Two of the year’s highest-profile initial public offerings, Snap and Blue Apron, are officially duds. Shares of both stocks are below their IPO price — meaning that investors who bought in (and held onto the shares) are now facing losses.

Snap’s lead IPO underwriter Morgan Stanley made an embarrassing admission, cutting Snap’s target price by more than 40%. Blue Apron received its first Wall Street analyst rating, with a $US2 target price. Its IPO priced at $US10.

In related news, red-hot tech stocks could be derailed by the Fed.

In economics news, Martin Luther King Jr. had an economic dream — and it changed the Federal Reserve forever. The Fed’s plan to shrink its $US4.5 trillion balance sheet leaves open two crucial issues. And central bankers are facing an unprecedented and potentially “disruptive” challenge, according to JPMorgan chief Jamie Dimon.

In other news, there’s a new way to bet on the companies that bet on sports. The nastiest feud in the airline industry continues as Delta’s rivals go on the attack. And Tesla is banking on 350 vans to help tackle one of its biggest problems before its Model 3 hits the road.

Lastly, here are the best bars near Wall Street.