Home Headlines Headlines Opinion Fidelity & Robinhood Glitch as Panic-Stricken Investors Flee Stock Market

Fidelity & Robinhood Glitch as Panic-Stricken Investors Flee Stock Market

W. E. Messamore
Last Updated September 23, 2020 1:37 PM
  • Fidelity’s website and the Robinhood app crashed for some users Monday, while panicky investors fled a stock market with inflated multiples.
  • DownDetector reported a surge in problem reports for these stock trading platforms. The Dow Jones plummeted 3% at the opening bell.
  • Meanwhile, the Washington Post started a wild YouTube live stream that lets you watch the DJI stock ticker go down.

Stock trading platforms like Fidelity and Robinhood suffered a bout of unwelcome problems on Monday. Panicky investors logged in to find they couldn’t run from a plunging stock market.

Some cynically speculated it’s a “feature” to prevent panic selling. But the Dow continued to drop as nervous investors went risk-off in the face of coronavirus and other uncertainties.

CNBC analyst and Ritholtz Wealth Management CEO Josh Brown pointed out the Fidelity website went down at 9:35 AM Eastern.

“Trades are still free tho,” he quipped in a now-deleted tweet:

fidelity website stock market panic
Source: Twitter  (deleted)

Someone replied that their Fidelity balance was showing zero , suggesting that was not the correct balance:

can confirm. zero balance

Another joked :

Can’t sell if the website is down.

And another pointed out :

Not just them.

While someone confirmed :

Robinhood down as well. #marketmanipulation

Fidelity Showing Incorrect Zero Balance

DownDetector.com registered a surge in problem reports for Fidelity’s website and the Robinhood app Monday morning. Over 2,500 users reported problems with Fidelity’s website:

fidelity website stock market downdetector problem report surge
Fidelity apparently suffered outages on Monday. | Source: DownDetector 

And there were 185 problem reports for Robinhood:

robinhood app stock market downdetector problem report surge
Stock trading app Robinhood struggled to weather the market volatility too. | Source: DownDetector 

A Fidelity user reported:

Fidelity website is down? All tabs work except ‘accounts and trade’. Anybody else experiencing this?

Another said the problem has been going on all weekend:

@Fidelity i am showing a zero balance. You had a whole weekend to fix this problem

Meanwhile, a Robinhood user reported:

Robinhood website on chrome browser running on a Windows machine down? My options contracts are appearing then disappearing and I cannot buy/sell. #RobinHood

Others were having problems too:

Robinhood seems to be having problems this morning on both my account and my wife’s. Grr.

Stock Market Suffers Panic Sell-off

At 9:30 AM Eastern, the Washington Post started running a YouTube live stream  just displaying the DJI ticker going down. The audio is presumably from some quiet corner of the New York Stock exchange, with beeping sounds and hushed voices.

This is just morbid:

And kind of terrifying. What a wild start to the week for the stock market.

This is what happens when you casually let P/E ratios expand toward dotcom bubble levels, while a global pandemic spreads.

Disclaimer: This article represents the author’s opinion and should not be considered investment or trading advice from CCN.com.