Thousands of users reported outages for several online trading platforms on Monday as all three major indexes fell sharply, according to Downdetector.
America's stock indexes fell sharply after markets opened trading on Monday morning.
Charles Schwab said the company was experiencing “technical difficulties” while its website was temporarily unavailable, with over 15,000 users reporting issues at around 10 a.m. EDT, including 42% indicating outages with the company’s mobile brokerage and 36% who say they have problems with its online brokerage, according to Downdetector.
Some users may have difficulty logging in to Schwab’s platforms, while hold times may be longer than usual, the company said.
Over 2,000 users reported outages at Fidelity Investments, nearly 3,000 reported outages at Vanguard and just over 1,000 reported outages at TD Ameritrade.
None of the companies immediately responded to requests for comment from Forbes.
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The Dow Jones Industrial Average fell over 1,000 points as the S&P 500 (3%) and Nasdaq (3.7%) indexes also dropped on Monday. This paces the Dow’s and S&P 500’s worst loss since late 2022, while the tech-heavy Nasdaq is on track for its steepest decline since early 2020. Shares were down for each of the “magnificent seven” companies: Apple opened down 8%, Microsoft 5%, Nvidia 14%, Alphabet 6%, Amazon 8%, Meta 7% and Tesla 11%. The seven lost a combined $1.2 trillion in market value in the minutes after trading began, with Apple and Nvidia stocks pacing its worst drops since 2020. A widespread selloff follows last week’s jobs report, indicating the U.S. economy added fewer jobs than expected and an increase in unemployment.