The US stock market ushered in a "Black Monday," causing panic among American individual traders on Monday morning. Website monitoring agency DownDetector reported that as a large number of users tried to log in to their accounts and sell stocks, brokerage websites such as Charles Schwab, Fidelity, TD Ameritrade, Vanguard, and E-Trade began to experience crashes before the opening bell.
The US stock market ushered in a "black Monday", with the three major indexes opening sharply lower. The NASDAQ fell more than 6%, causing the total market value of the "big seven sisters" to evaporate $1.3 trillion, causing panic among individual traders in the US on Monday morning. The DownDetector website monitoring agency reported that multiple brokerage websites began to crash before the market opened as a large number of users attempted to log in to their accounts and sell stocks.
According to DownDetector's report,$SCHW.US$Users of Fidelity Investments, TD Ameritrade, Vanguard, and E-Trade all reported website failures, and fault reports surged at the opening of the US stock market on Monday. Analysts believe that retail investors may have received push notifications about market turmoil in Asia and Europe on their smartphones, triggering panic.
According to DownDetector, more than 15,300 Charles Schwab users reported website downtime issues. The company did not immediately respond to media requests for comment, but the company account posted on social media platform X that some customers "may have experienced difficulties logging into the Schwab platform." "Please accept our apologies, our team is working to resolve this issue as soon as possible," the company said without confirming the scale or scope of the outage. According to its Q2 report, Charles Schwab had 35.6 million active brokerage accounts as of June.
Fidelity's outage reports exceeded 3,000, and the company confirmed the issue in a post on X. The company responded to the media around 10:50 on Monday morning, saying the problem had been resolved. "We are aware that some customers experienced intermittent issues early today," a Fidelity spokesperson said in an email statement. "This issue has now been resolved." Additionally, Vanguard and TD Ameritrade also had thousands of outage reports.
As of dawn, Charles Schwab stated that the technical glitch has been resolved.
In addition, online brokerage Robinhood also suspended trading for a while, but overnight trading has now resumed. The company allows users to trade specific stocks and exchange-traded funds (ETFs) around the clock.
On Monday, Charles Schwab fell 1.37%, Fidelity fell 1.77% and Robinhood fell a huge 9.01% during trading hours.
In addition, online brokerage Robinhood also temporarily suspended trading and has since resumed overnight trading. The company allows users to trade specific stocks and exchange-traded funds (ETFs) around the clock. $HOOD.US$Trading was also temporarily suspended and has now resumed overnight trading. The company allows users to trade specific stocks and exchange-traded funds (ETFs) around the clock.
In mid-day trading on Monday,$SCHW.US$fell 1.74%,$HOOD.US$and plummeted by 8%.
Many netizens also complained on X about being unable to trade during this period of extreme market volatility:
