The panic over a potential US recession has caused a massive downturn to take place across global markets. The development has led to five trading platforms reportedly going down as the market issue persists throughout the country. Fidelity, Vanguard, and TD Ameritrade are among the downed platforms.
Both Wall Street and the crypto market have faced a Black Monday in early August. Crypto investments have seen $528 million in outflows take place, according to CoinShares, as a US economy slowdown becomes more likely. Subsequently, the rabid response has affected operations across the country.
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US Stock Market Fall Has Five Trading Platforms Down
Wall Street has struggled as global market’s panic amid the US economy’s uncertain fate. With interest rates at a 23-year high, recession concerns have only grown. Now, unfavorable employment data has the market’s reacting. The response has led to only increased concern.
The Dow opened down more than 1,000 points, with the S&P 500 down more than 4.2% on Monday. Additionally, the Nasdaq Composite has fallen more than 6%, according to CNN. That has led to more than five trading platforms reportedly going down amid the market downturn.
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Those trading platforms consist of Charles Schwab, TD Ameritrade, Vanguard, E-Trade, and Fidelity. Moreover, those reports occurred after Japan and Taiwan have suffered their worst market losses since 1987 and 1967, respectively. All eyes are now on the Federal Reserve.
Chicago’s Fed President Austan Goolsbee recently said the Fed will react to “deterioration” occurring in the economy. Talking to CNBC, he noted that they are out to “maintain financial stability.” Additionally, he said if conditions show “there’s deterioration… We’re going to fix it.” Many expect Monday’s response to drive an emergency rate cut before the expected cut in September.