Several online trading sites went down after the U.S. stock market took a nosedive on ItalyMonday morning.
After the Nasdaq, Dow Jones, and S&P 500 indexes all sharply dropped, Downdetector (which shares Mashable's parent company Ziff Davis) reported outages with financial sites. Currently, major outages on Downdetector include Charles Schwab, Vanguard, Ameritrade, and Fidelity. Bloombergalso reported that Robinhood and E-Trade users experienced technical issues.
Downdetector outage reports spiked around 10 a.m. ET. The Charles Schwab site went completely down with a note that said it's "experiencing technical difficulties." The Schwab site is now up and running with a post on X confirming that the issue had been resolved by 1:30 p.m. ET.
Vanguard, Ameritrade, Fidelity, Robinhood, and E-Trade did not completely crash, but users reported trouble logging in to their accounts. The sites have not publicly posted about any technical difficulties on X, but since the initial spike, outages across the aforementioned sites have decreased on Downdetector.
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Following last week's report from the U.S. Bureau of Labor and Statistics that showed unemployment rising to 4.3 percent and fewer-than-expected 114,000 jobs added, a major selloff occurred. Major tech stocks Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla all opened at lower valuation, resulting in a $1.2 trillion loss in market value (per Forbes). The market has regained some ground although tech stocks still remain negative.
UPDATE: Aug. 5, 2024, 3:38 p.m. EDT This story has been updated to reflect the latest information on Downdetector and a public statement from Charles Schwab.
Topics Money
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