Illustration: Sarah Grillo/Axios

When you give something away, people are likely to consume far too much of it. That's true of food, it's true of drink, and it's true of options trades.

Why it matters: The best thing that an investor can do is nothing. People who actively trade the market are effectively trying to time it — to buy low and sell high. Voluminous literature has shown that it just doesn't work, and that doing nothing is superior to doing something a significant majority of the time.

What's happening: Most online brokerages now charge $0 for stock trades. Even Vanguard charges $0 to trade in and out of stocks, ETFs, and, yes, options. In turn, hundreds of thousands of investors flocking to places like r/wallstreetbets are sending trading volumes through the roof.

Be smart: No good can come of this. The one silver lining to high stock-trading commissions was that they discouraged trading. And the one advantage that retail investors have over the pros is that they have the ability to buy and hold for the long term, without trying to outperform on a quarterly basis.

  • If the market turmoil is tempting you to buy or sell, you may want to think again.

Go deeper

Unemployment rate falls to 13.3% in May

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. unemployment rate fell to 13.3% in May, with 2.5 million jobs gained, the government said on Friday.

Why it matters: The far better-than-expected numbers show a surprising improvement in the job market, which has been devastated by the coronavirus pandemic.

Trump says he will campaign against Lisa Murkowski after her support for Mattis

Trump with Barr and Meadows outside St. John's Episcopal church in Washington, D.C. on June 1. Photo: Brendan Smialowski/AFP via Getty Images

President Trump tweeted on Thursday that he would endorse "any candidate" with a pulse who runs against Sen. Lisa Murkowski (R-Alaska).

Driving the news: Murkowski said on Thursday that she supported former Defense Secretary James Mattis' condemnation of Trump over his response to protests in the wake of George Floyd's killing. She described Mattis' statement as "true, honest, necessary and overdue," Politico's Andrew Desiderio reports.

ZoomInfo's IPO is the largest in tech this year

Illustration: Aïda Amer/Axios

ZoomInfo, a Vancouver, Wash.-based SaaS platform for sales, marketing, and recruiting data, raised $935 million in its IPO. The company priced 44.5 million shares at $21, above its original $16-$18 price range, for an initial market cap of around $8 billion.

Why it matters: It's the year's largest tech IPO, and is likely to get some trading boost from confusion with videoconferencing company Zoom Communications.