Several major Wall Street investment firms were hit with damaging outages amid a widespread “Black Monday” market crash.
Global fears triggered a massive sell-off in stocks and cryptocurrencies that started over the weekend and ignited a bloodbath on Monday.
However, investors were hit with further frustration as computer systems also crashed at several major companies as traders scrambled to stem the bleeding.
Online services at Charles Schwab and Fidelity Investments experienced significant issues on Monday, Reuters reports.
The outages left many users unable to log into their accounts during a tumultuous trading session.
🚨#BREAKING: Multiple brokerages, including Charles Schwab, Fidelity, Vanguard, TD Ameritrade, E-Trade, UPS, CenturyLink, and Interactive Brokers, are currently down and reporting errors amid market crashes. pic.twitter.com/H2htHnXynT
— R A W S A L E R T S (@rawsalerts) August 5, 2024
The outages coincided with a day of heightened market volatility around the world.
Investors dumped risky assets amidst growing concerns about a potential U.S. recession.
Wall Street’s main indexes plummeted on Monday.
The plunge was driven by a combination of weak economic data, disappointing second-quarter earnings from technology giants, and escalating geopolitical tensions.
The confluence of these factors not only revived recession fears but also