Jeff Sica of Circle Squared Alternative Investments weighed in on the market sell-off, arguing that the problem lies in the credit markets.
Several of the nation’s largest securities firms were hit by sharp fluctuations in the stock and bond markets on Monday, with the Dow Jones Industrial Average falling by more than 1,000 points.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Me: DJI | Dow Jones Average | 38830.81 | -906.45 |
-2.28% |
Dow Jones Industrial Average
Wall Street’s fear index surges as stock market crash
Charles Schwab and its subsidiary Ameritrade told clients through X that technical issues had affected their platforms.
“Some customers may be unable to log in to the Schwab platform. We apologize for the inconvenience, but wait times may be longer than usual as our team is working to resolve the issue as quickly as possible,” the post said.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Shu | Charles Schwab Co., Ltd. | 63.39 | -0.32 |
-0.50% |
Robinhood told FOX Business this morning that its platform is up and running, but that it and other brokerages canceled trades overnight that were linked to its after-hours trading platform, Blue Ocean. FOX Business reached out to Blue Ocean but did not immediately receive a response.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Food | Robinhood Markets Inc. | 16.41 | -1.48 |
-8.25% |
Vanguard, one of the world’s largest mutual funds with $8 trillion in assets under management, told FOX Business, “We understand some investors have experienced delays logging into their accounts. We are working hard to restore functionality and apologize for any inconvenience caused.”
Fidelity confirmed to FOX Business that the previous issues have since been resolved.
Stocks fell sharply on Monday as fears of a US recession caused turmoil across global markets.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Me: DJI | Dow Jones Average | 38839.44 | -897.82 |
-2.26% |
| SP500 | S&P 500 | 5206.6 | -139.96 |
-2.62% |
| I:Comp | Nasdaq Composite Index | 16252.238093 | -523.93 |
-3.12% |
“While Friday’s jobs report was disappointing, it’s not the only worrisome economic indicator, just the latest,” said Greg McBride, chief financial analyst at Bankrate. “When you add economic worries to the cacophony of disappointing earnings, weak corporate outlooks, global worries and currency fluctuations, you’re bound to see some sudden volatility.”
Japanese stocks also fell on Monday, with the Nikkei Stock Average closing down more than 12 percent, or 4,451.28 points, its worst day since 1987.
Cryptocurrencies also plummeted, with the price of Bitcoin falling 17.5% to $50,239 per coin on Monday morning, while the price of Ethereum fell 23% to $2,230 per coin.
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FOX Business’ Christopher Mulligan contributed to this report.
