Numerous brokerages are reporting errors

A report indicates that several major brokerages, including Charles Schwab, Fidelity, Vanguard, TD Ameritrade, E-Trade, UPS, CenturyLink, and Interactive Brokers, are currently experiencing outages and errors amid market crashes.

On social media, there are numerous complaints about these brokerages. One broker advised clients not to call, stating, “My broker, which is one of the largest with an excellent reputation, is telling clients not to bother calling. Their website isn’t working either! I never thought I’d see the day.”

Charles Schwab responded, “Due to a technical issue, some clients may have difficulty logging into Schwab platforms. We apologize for the inconvenience and are working to resolve the issue as quickly as possible. Hold times may be longer than usual.”

Many have expressed frustration with the service. One user commented, “I can’t even access my Schwab account, but at least my holdings don’t seem too badly affected. I’m sure there will be class actions following this.” Another added, “It’s disappointing that Robinhood can provide access before Charles Schwab. What a joke of a broker.”

One person also noted, “Brokerage houses are blocking further sell-offs in the U.S.!”

The current stock market turmoil is attributed to fears of a recession.

“It’s painful,” said Victoria Greene, chief investment officer at G Squared Private Wealth, on CNBC’s “Worldwide Exchange.” “There’s a lot of bad news being absorbed from the weekend, including Berkshire’s cut in Apple, the Japan sell-off, the yen spike, and the end of the carry trade. A lot of negative news is getting priced in.”

She added, “This is a pullback, a correction. We’ll likely see an oversold condition fairly quickly at these levels.”