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Schwab, Fidelity Traders Report Outages During Stock Meltdown

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.
Bloomberg
By Bloomberg
5 Aug
A Charles Schwab Location Ahead Of Earnings Figures A Charles Schwab branch in New York, US, on Friday, July 7, 2023. Photographer: Michael Nagle/Bloomberg

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.”

Read More: S&P 500 Nears Correction as Fragile Rally Unravels: Markets Live

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.

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