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Photo illustration by Greg Ruben / Axios

Data provided to Axios by Robinhood, a stock trading app that is popular with millennials, provides insight into how younger investors reacted to Snap's IPO:

  • 43% of Robinhood users who traded today bought Snap stock (note that only 25% of the app's users are ages 18-24, meaning that older investors were also feeling the Snap appeal on Thursday).
  • The median age of a Robinhood user who purchased Snap stock is 26—the same age as Snap CEO Evan Spiegel.
  • Snap rose to the third most popular stock, only behind Apple and AMD. Facebook is at No. 9 and it only took Snap 90 minutes to overtake the social network in terms of ownership.
  • On Wednesday, there were 54% more sales of Facebook stock than the previous day, implying investors were offloading their Facebook stock to make room for Snap.
  • Robinhood's overall trading volume on Thursday broke records, jumping 50% compared to the day before. It also signed up 250% more new users on Thursday than on an average day last week.

What to watch: Snap had a huge stock price pop on its first day, but the many are skeptical as to whether the company will be able to sustain this investor enthusiasm, especially as the pressure of quarterly earnings and growth begins to set in. It's also facing stiff competition from Instagram and Korean clone Snow.

Go deeper

Right-wingers making McCarthy sweat for future Speaker post

House Minority Leader Kevin McCarthy stands with his Republican colleagues outside the House on Nov. 17. Photo: Stefani Reynolds/Bloomberg via Getty Images

Right-wing elements in the Republican Party are complicating House Minority Leader Kevin McCarthy's attempts to become the next speaker of the House should the GOP take back the majority in 2022.

Why it matters: While McCarthy has worked carefully to build trust among the conservatives who tanked his chances at clinching the speakership in 2015, they're still circling ahead of the next Speaker vote in January 2023.

2 hours ago - Politics & Policy

Congress sprints to meet crush of deadlines

Illustration: Aïda Amer/Axios

Congressional leaders have been pushing off vital action for months — and a lot of it will catch up with them in December, which begins Wednesday.

Driving the news: Funding for the federal government is set to expire at midnight on Friday. There are also consequential deadlines related to the debt limit, President Biden's agenda and annual actions like voting on the National Defense Authorization Act.

2 hours ago - World

U.S. fears Iran won’t scale back to 2015 nuclear deal

Officials gather in Vienna on Sept. 29 for the first day of renewed nuclear talks with Iran. Photo: EU Vienna Delegation/Handout/Anadolu Agency via Getty Images

U.S. officials have extremely low expectations as world powers resume negotiations with Iran to curb its nuclear program, believing the Iranians aren't yet ready to negotiate seriously, Axios is told.

Driving the news: Senior officials in the U.S. intelligence community have assessed the new Iranian president, Ebrahim Raisi, thinks of his predecessor, Hassan Rouhani, as a weak accommodationist who negotiated a bad deal with the U.S. and other world powers in 2015.