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Published August 5, 2024 11:57am EDT
Charles Schwab, Fidelity, other brokerages experience outages amid market volatility
Dow, S&P 500, Nasdaq on pace for worst day since September 2022
Several of the nation's top brokerages were whacked by the extreme swings in the stock and bond markets on Monday as the Dow Jones Industrial Average sank more than 1,000 points before recovering some of those losses mid-afternoon.
Charles Schwab and its Ameritrade arm told customers via X that a technical issue affected its platforms.
"Some clients may have difficulty logging in to Schwab platforms. Please accept our apologies as our teams work to resolve the issue as quickly as possible. Hold times may be longer than usual," the post said.
Robinhood, at midmorning, told FOX Business the platform was operational but it and other brokerages had some canceled trades overnight tied to platform Blue Ocean, which operates trading off-hours. FOX Business' inquiries to Blue Ocean were not immediately returned.
Interactive Brokers released a statement reiterating normal operations midday Monday.
"We know of no system-wide outages. As of 11 a.m. ET, we have executed 5 million trades, and on Friday, we had 5.9 million trades, which was already a busy day," said Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers.
Vanguard, one of the largest mutual fund companies with $8 trillion under management, told FOX Business: "We recognize some investors are experiencing delays when logging in to their accounts. We are working diligently to restore functionality and apologize for any inconvenience," a spokesperson said.
Fidelity confirmed to FOX Business that a prior issue has since been resolved.
Stocks plunged on Monday as U.S. recession fears caused turmoil throughout the global markets.
"While Friday’s employment report was disappointing, it wasn’t the only worrisome economic indicator, only the latest," said Greg McBride, Bankrate's chief financial analyst. "Couple economic concerns with the cacophony of earnings disappointments and weak corporate outlooks, global unrest, and currency gyrations, and you have the recipe for sudden volatility."
Japanese stocks also fell on Monday, with the Nikkei 225 index closing lower by more than 12% – 4,451.28 points – in its worst day since 1987.