What you need to know on Wall Street today

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

Around the time of Snap’s initial public offering in early March, employees got a rare chance to ask CEO Evan Spiegel anything on their minds. Using a shared document, employees submitted questions to the company’s 27-year-old leader.

The result revealed a common anxiety: About one dozen of the questions were a variation of whether employees should worry about the company’s competitors, particularly Facebook and Instagram, which appeared to be crimping its rapid growth. Spiegel’s responses were short, and the one-word answer “no” was all that was written next to some of the queries.

Five months later, the nervousness percolating within Snap has not gone away. Business Insider’s Alex Heath has the inside story of what’s going on inside the much-hyped social media company.

The first phase of Snap’s post-initial-public-offering lock-up expired over the weekend meanwhile, making 400 million shares owned by early investors eligible for open-market trading on Monday. The stock dropped on heavy volume in early trading.

In other news, to a growing chorus of strategists and investors across Wall Street, the stock market looks like it’s headed for a rude awakening, according to Business Insider’s Joe Ciolli. In related news, a key short-term boost for stocks has vanished for the first time in 17 years. And traders love the companies that spend the least on employee pay.

In bank news, profits are up at HSBC so the bank is buying $US2 billion of its own shares.

In deal news, Discovery Communications is acquiring Scripps Networks Interactive for $US14.6 billion in a deal that is expected to boost the combined company’s negotiating leverage with pay TV operators at a time when more people watch video online. Several Wall Street banks are set to split a $US100 million payday from the deal.

Elsewhere in deal news, US cable operator Charter Communications said it’s not interested in buying Sprint. And a lab-testing company just inked a billion-dollar deal for a healthcare company you’ve never heard of.

In tech news, here are six
things to watch out for in Apple’s earnings this week.

Business Insider’s Matt DeBord took the Tesla Model 3 for a spin. According to DeBord, the entire world will want this car. You can read a lot more coverage on the Model 3 here.

Lastly, a brand-new restaurant just opened in New York’s most famous dining room — here’s what it looks like inside.

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