Schwab, Fidelity Traders Report Outages During Stock Meltdown
(Bloomberg) — Charles Schwab Corp. and other retail brokerage users reported outages as a global stocks selloff surged when trading in the US market opened on Monday.
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More than 15,000 users reported an outage at Schwab at 9:50 a.m. in New York, according to the website Downdetector, but that number had dropped to more than 3,000 outages at 10:53 a.m. in New York. A company account posted on the social media platform X said that some clients “may have difficulty logging in to Schwab platforms.”
Schwab fell 2.7% at 11:06 a.m. in New York on Monday. The S&P 500 Index was down 3.1%.
“Some clients may be experiencing intermittent issues on some of our platforms. We are working to resolve the issue as quickly as possible,” a Schwab spokesperson said, without confirming the size or scope of the outage. Schwab had 35.6 million active brokerage accounts as of as of June, according to its second-quarter report.
The website Downdetector also reported issues at Fidelity Investments, which the firm separately acknowledged in an X post.
“We are aware some customers experienced intermittent issues earlier today,” a Fidelity spokesperson said in an emailed statement. “This is now resolved.”
The global market was roiled over the weekend following Friday’s lackluster US jobs report and the most significant crash of Japanese equities in more than a decade.
Robinhood Markets Inc., another popular retail trading platform, was operational on Monday, according to a spokesperson.
(Updates with shares, additional context starting in second paragraph.)
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