The US stock market witnessed a major market meltdown on Monday, with $2 trillion being wiped out amid fears of a looming global recession.
The heightened price volatility has led to reports that several major online brokerage platforms in the US were down. At least six trading platforms in the US have been confirmed to go down in the early trading hours on Monday including Citi, Fidelity, E-Trade, Vanguard, Charles Schwab, and TD Ameritrade.
Some of the largest stocks in the US are trading in the red today, with top indexes also posting notable declines and plunged to multi-week lows.
US Online Trading Platforms Down
Charles Schwab has confirmed that they are having issues with their online trading platforms. In a post on X, Charles Schwab confirmed that some users were facing issues logging into the form’s trading platforms.
“Please accept our apologies as our teams work to resolve the issues as quickly as possible. Hold times may be longer than usual,” the platform said.
The issues experienced come as Wall Street suffers a major market meltdown that has wiped out the valuations of some of the leading companies in the country.
Apple stock is down 4% at the time of writing while Microsoft is down by over 2%. Amazon shares are also down by over 3% while Google’s parent company Alphabet has seen its stock drop by around 2.25%.
The top US indexes that measure the strength of US-listed companies have also suffered a major blow. The S&P 500 and the NASDAQ 100 indexes dropped by 2.48% and 2.97% respectively on Monday. The Dow Jones and Russell indexes also plunged by 2.16% and 3.49% at the time of writing.
Crypto Market Not Spared
The cryptocurrency market has not been spared from the financial market bloodbath. Bitcoin, the largest crypto by market cap was down 8% at the time of writing to trade at multi-month lows of around $54K at the time of writing.
Ethereum has been among the worst hit, with the price dropping by more than 14% in the last 24 hours. All the top ten largest cryptos by market cap have posted losses, with the global market cap dropping by nearly 10%.
Crypto stocks were also down on Monday, MicroStrategy, the largest holder of Bitcoin, saw its shares plunge by 8% Monday.
Coinbase stock was also down by 4% at the time of writing. The ongoing volatility has triggered calls for interest rate cuts by the Federal Reserve. The Fed has failed to trim interest rates despite inflation levels falling to significantly low levels.
