Schwab, Fidelity, other online brokerages face disruption on frenetic trading day

BENGALURU: Online services at brokerages Charles Schwab and Fidelity Investments faced an outage on Monday, frustrating investors looking to trade on a day when many dumped anything risky from stocks to crypto on fears of a U.S, recession.

Some users were having problems logging into their accounts, the trading apps confirmed, without elaborating.

Wall Street’s main indexes plunged on Monday as weak economic data, drab second-quarter earnings from technology majors, and geopolitical tensions revived concerns about a recession and dampened hopes of a soft landing.

Bouts of extreme market volatility can sometimes trigger such technical problems, which also raise questions about the capacity of brokerages to handle high volumes.

Fidelity later said it had resolved the issue.