Stock-trading apps fall under the feet of stampeding panicking investors
(2024/08/05)
- Reference: 1722883170
- News link: https://www.theregister.co.uk/2024/08/05/stock_market_outages/
- Source link:
As stock markets suffered a bit of a wobble today, share-trading apps and sites fell over as investors barreled in to see how badly their portfolios had been hit.
Depending on your perspective, Monday was either a global meltdown or a passing dip.
Billionaire Wall Street ace Warren Buffett – who previously said if you can't handle a corrective drop, you shouldn't own stocks – had $15 billion wiped from his Berkshire Hathaway investment empire in the past few hours. Before the weekend, Buffett's firm had dumped more than half of its Apple holdings, which perhaps helped fuel some of the panic today.
[1]
At time of writing in the US, after a rough start followed by some recovery, the Dow is down about 2.3 percent, the S&P 500 2.7 percent, and the Nasdaq Composite 3.2 percent. In the UK, the FTSE 100 was down two percent, and 2.8 percent for the FTSE 250. The Nikkei 225 index earlier plunged, eventually closing 12 percent down, with Japanese stocks suffering their worst crash since the late 1980s.
[2]
[3]
Big Tech was feeling the heat, with Google down about 2.7 percent, Apple down 5.5 percent, Nvidia nearly 7 percent, Microsoft more than 3 percent, and Meta nearly 3 percent. Cryptocurrencies also took a big hit, with Bitcoin dipping briefly below $50,000 apiece.
Amid this turmoil, users had trouble getting into and using the likes of Charles Schwab, Fidelity, TD Ameritrade, and Vanguard, judging from netizens' complaints of outages on DownDetector.com.
[4]
"Due to a technical issue, some clients may have difficulty logging in to Schwab platforms," the biz told its customers earlier this morning.
"Please accept our apologies as our teams work to resolve the issue as quickly as possible. Hold times may be longer than usual."
[5]Is AI going to pay its way? Wall Street wants tech world to show it the money
[6]Nvidia loses a cool $500B as market questions AI boom
[7]Alphabet's reported $23B bet on Wiz fizzles out
The brokerage firm just updated us with this: "A technical issue experienced by some clients has been resolved. We apologize to our clients for the inconvenience."
Meanwhile, Fidelity noted in a media statement: "We are aware some customers experienced intermittent issues earlier today. This is now resolved."
Vanguard declined to comment. Interactive Brokers said it was still operational, and Robinhood was too, though the latter paused overnight trading temporarily as investors braced for an incoming Black Monday.
[8]
What's the cause of the drop today? A lot of things. There is a global market sell-off, though generally speaking mainstream stocks are still higher today than they were a year-ago. Even the crypto-meme-coin Dogecoin is up 26 percent versus this time in 2023.
There are growing concerns of a slowing economy or recession in America, and of a looming war between Iran and Israel; that over-hyped AI has overcooked the market and the bubble is about to burst; that interest rates have been too high for too long and may need to be cut in short order in the US; and more.
Probably a good day to go outside and enjoy some fresh air. ®
Get our [9]Tech Resources
[1] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/applications&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2ZrFLhLabTtlU84sxn3Mm6wAAAJQ&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/applications&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZrFLhLabTtlU84sxn3Mm6wAAAJQ&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/applications&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZrFLhLabTtlU84sxn3Mm6wAAAJQ&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/applications&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZrFLhLabTtlU84sxn3Mm6wAAAJQ&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[5] https://www.theregister.com/2024/08/01/is_ai_going_to_pay/
[6] https://www.theregister.com/2024/06/25/nvidia_share_price_drop/
[7] https://www.theregister.com/2024/07/23/alphabet_wiz_deal_scuppered/
[8] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/applications&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZrFLhLabTtlU84sxn3Mm6wAAAJQ&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[9] https://whitepapers.theregister.com/
Depending on your perspective, Monday was either a global meltdown or a passing dip.
Billionaire Wall Street ace Warren Buffett – who previously said if you can't handle a corrective drop, you shouldn't own stocks – had $15 billion wiped from his Berkshire Hathaway investment empire in the past few hours. Before the weekend, Buffett's firm had dumped more than half of its Apple holdings, which perhaps helped fuel some of the panic today.
[1]
At time of writing in the US, after a rough start followed by some recovery, the Dow is down about 2.3 percent, the S&P 500 2.7 percent, and the Nasdaq Composite 3.2 percent. In the UK, the FTSE 100 was down two percent, and 2.8 percent for the FTSE 250. The Nikkei 225 index earlier plunged, eventually closing 12 percent down, with Japanese stocks suffering their worst crash since the late 1980s.
[2]
[3]
Big Tech was feeling the heat, with Google down about 2.7 percent, Apple down 5.5 percent, Nvidia nearly 7 percent, Microsoft more than 3 percent, and Meta nearly 3 percent. Cryptocurrencies also took a big hit, with Bitcoin dipping briefly below $50,000 apiece.
Amid this turmoil, users had trouble getting into and using the likes of Charles Schwab, Fidelity, TD Ameritrade, and Vanguard, judging from netizens' complaints of outages on DownDetector.com.
[4]
"Due to a technical issue, some clients may have difficulty logging in to Schwab platforms," the biz told its customers earlier this morning.
"Please accept our apologies as our teams work to resolve the issue as quickly as possible. Hold times may be longer than usual."
[5]Is AI going to pay its way? Wall Street wants tech world to show it the money
[6]Nvidia loses a cool $500B as market questions AI boom
[7]Alphabet's reported $23B bet on Wiz fizzles out
The brokerage firm just updated us with this: "A technical issue experienced by some clients has been resolved. We apologize to our clients for the inconvenience."
Meanwhile, Fidelity noted in a media statement: "We are aware some customers experienced intermittent issues earlier today. This is now resolved."
Vanguard declined to comment. Interactive Brokers said it was still operational, and Robinhood was too, though the latter paused overnight trading temporarily as investors braced for an incoming Black Monday.
[8]
What's the cause of the drop today? A lot of things. There is a global market sell-off, though generally speaking mainstream stocks are still higher today than they were a year-ago. Even the crypto-meme-coin Dogecoin is up 26 percent versus this time in 2023.
There are growing concerns of a slowing economy or recession in America, and of a looming war between Iran and Israel; that over-hyped AI has overcooked the market and the bubble is about to burst; that interest rates have been too high for too long and may need to be cut in short order in the US; and more.
Probably a good day to go outside and enjoy some fresh air. ®
Get our [9]Tech Resources
[1] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/applications&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2ZrFLhLabTtlU84sxn3Mm6wAAAJQ&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/applications&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZrFLhLabTtlU84sxn3Mm6wAAAJQ&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/applications&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZrFLhLabTtlU84sxn3Mm6wAAAJQ&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/applications&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZrFLhLabTtlU84sxn3Mm6wAAAJQ&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[5] https://www.theregister.com/2024/08/01/is_ai_going_to_pay/
[6] https://www.theregister.com/2024/06/25/nvidia_share_price_drop/
[7] https://www.theregister.com/2024/07/23/alphabet_wiz_deal_scuppered/
[8] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/applications&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZrFLhLabTtlU84sxn3Mm6wAAAJQ&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[9] https://whitepapers.theregister.com/
Re: Good time to buy
John Brown (no body)
But is it at "the bottom", or does it have further to go and the "new normal" might be lower than todays bottom :-p
Ace2
“that over-hyped AI has overcooked the market and the bubble is about to burst”
That’s not a growing concern; it’s reality intruding on the party.
Doctor Syntax
"Probably a good day to go outside and enjoy some fresh air."
Probably a good day to buy some cheap shares. Not Crowdstike or AI,of course.
Odd, I thought cs was built around a mainframe
John Smith 19
Clunky looking, but rock solid.
Obviously not.
I'd suggest there is a sentiment that the FOCF might win*
*Given the diligent way they've been packing the election officials in swing states ready to scream "election fraud" this is more than a possibility, along with the Weasel-in-chief Mike I-am-in-the-top-12%-of-american's-pay-but-have-no-bank-account Johnson has been vigorously kissing the ring of the Orange Jesus this should be taken seriously.
PB90210
"Probably a good day to go outside and enjoy some fresh air"...
So you can get used to living on the streets
Good time to buy
I actually sold some last week near the top, then dived in again today near the bottom.