Schwab, Fidelity Traders Report Outages During Stock Meltdown

Charles Schwab and other retail brokerage users reported outages as a global stocks selloff surged when trading in the US market opened on Monday. From a report: More than 14,000 users reported an outage at Schwab at 9:50 a.m. in New York, according to the website Downdetector. The outage comes at a time when global financial markets are experiencing a significant downturn as a widespread sell-off intensified following Friday's disappointing US employment data, which heightened concerns about a potential recession in the world's largest economy. The turbulence was particularly pronounced in Asian markets, with Japanese stocks leading the decline, while cryptocurrencies, oil prices, and European equities also suffered losses. The volatility spread to the US, where stocks plummeted at the opening bell, and the yield curve briefly inverted as investors increased their bets on imminent Federal Reserve interest rate cuts.

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