Your Evening Briefing

Want to receive this post in your inbox every afternoon? Sign up here.

President Trump’s sudden axing of FBI Director James Comey caught everyone—including Comey—off guard. Now comes the fallout. In the first White House briefing since his firing, Deputy Press Secretary Sarah Sanders said Trump had been considering letting go of Comey “since the day he was elected”. The Justice Department is already holding interviews for an interim replacement, while Senate Republicans have closed ranks behind the President, rejecting calls for a special prosecutor to investigate Russia’s meddling in the U.S. election. The future of the Russia probe is more uncertain than ever.—Katie Robertson

What Wall Street is saying about Comey's ouster. Wall Street is weighing whether the political fallout from the firing will kill any momentum the White House had for its economic agenda. The abrupt decision has investors questioning if the president’s pro-growth, tax-cutting reforms will stall as the focus shifts to why Comey was dismissed amid probes into possible Russian ties to Trump’s campaign.

Snap misses forecasts in its debut earnings report after a March IPO, and the stock tumbled 21 per cent. The Snapchat app added fewer users than projected in the first quarter. Revenue also fell short of analysts’ estimates. Snap is working to prove that it can attract a dedicated young audience in the competitive social-messaging market, justifying a market value of almost $27 billion.