Top 5 trading platforms down, $2 trillion wiped out of trading in the first hour

Finance

Top 5 trading platforms down, $2 trillion wiped out of trading in the first hour

Panic over a future US recession has resulted in a major drop in global stock markets. As the market crisis remains throughout the country, five trading platforms are reportedly shutting down.

According to Downdetector, users are experiencing troubles with several trading platforms, including Fidelity, TD Ameritrade, Vanguard, and Charles Schwab.

Both Wall Street and the crypto market experienced a Black Monday in early August. CoinShares reports $528 million in outflows from crypto investments as a US economic slowdown appears more imminent. As a result, the frantic response has slowed operations across the country. TradFi and DeFi trading platforms are planning responses per user demands in real time.

In detail, over 2,300 problems were reported with Fidelity as of 9:52 a.m. ET. Over 1,400 problems were reported with TD Ameritrade as of 9:52 a.m. ET. Over 1,900 problems were reported with Vanguard as of 9:54 a.m. ET. Over 14,000 problems were reported with Charles Schwab as of 9:56 a.m. ET

Fidelity and Charles Schwab trading platforms say in separate posts on X that they are working on resolving login issues. As of now, $2 trillion has been wiped out from the US stock market in the first hour of trading.

Source: X

Wall Street has suffered as global markets panic over the US economys uncertain future. With interest rates at a 23-year high, recession fears have intensified.

The Dow began down more than 1,000 points, while the S&P 500 fell more than 4.2% on Monday. CNN reports that the Nasdaq Composite has plunged by more than 6%.

These reports came after Japan and Taiwan saw their greatest market losses since 1987 and 1967, respectively. All eyes are now focused on the Federal Reserve.

Chicago Fed President Austan Goolsbee recently stated that the Fed will react to any in the economy. Speaking with CNBC, he stated that they are working to He also stated that if things deteriorate, Many people expect Mondays response to result in an emergency rate cut before the scheduled cut in September.