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Robinhood Suspends 24-Hour Trading On Monday Amid Third-Party Issues

in Wall Street Word
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Robinhood Markets Inc (NASDAQ:HOOD) has announced the suspension of its 24-hour trading service due to a problem at its third-party execution venue.

What Happened: The trading platform revealed on Monday that it would not be offering overnight trading due to a halt in the operations of its third-party execution venue, Blue Ocean ATS.

The suspension was announced via a post on social media platform X. The company stated that all 24-hour market orders open as of 8 PM ET would be executed starting at approximately 4 AM ET the following day.

“Robinhood 24 Hour Market’s execution venue, Blue Ocean ATS (BOATs), has suspended overnight trading for tonight. 24 Hour Market orders that are open as of approx. 8 PM ET will be routed for execution starting at approx. 4 AM ET tomorrow. You may cancel your order at any time, and can still place an order for another trading session,” Robinhood said in a statement.

Robinhood 24 Hour Market's execution venue, Blue Ocean ATS (BOATs), has suspended overnight trading for tonight. 24 Hour Market orders that are open as of approx. 8 PM ET will be routed for execution starting at approx. 4 AM ET tomorrow. You may cancel your order at any time, and…

— Robinhood Help (@AskRobinhood) August 5, 2024

See Also: Bitcoin Falls Below $53K Mark As Global Financial Markets Continue To Bleed — Peter Schiff Warns Ominously: ‘You Guys Are Whistling Past A Crypto Graveyard’

Robinhood’s announcement comes in the wake of technical issues experienced by several other firms, including Charles Schwab, on Monday. These issues temporarily prevented some users from accessing their brokerage accounts.

Due to a technical issue, some clients may have difficulty logging in to Schwab platforms.
Please accept our apologies as our teams work to resolve the issue as quickly as possible.
Hold times may be longer than usual.

— Charles Schwab Corp (@CharlesSchwab) August 5, 2024

Why It Matters: The suspension of Robinhood’s 24-hour trading comes amid a turbulent period for global markets. On the same day, Robinhood shares dropped nearly 12% as investors reacted to new U.S. economic data indicating a potential recession.

This uncertainty was exacerbated by geopolitical tensions in the Middle East and concerns about the U.S. economy’s strength. The sell-off began in Asian markets, with Japan’s Nikkei 225 falling over 12%.

Additionally, the Dow Jones Industrial Average experienced its largest drop in nearly two years, falling 2.6%, or 1,034 points. The S&P 500 and Nasdaq Composite also saw significant declines, with tech stocks like Apple Inc. and Cisco Systems Inc. among the biggest losers.

The global sell-off erased $1.1 trillion from the market, with major tech companies like Nvidia Corp, Microsoft Corp., and Amazon.com, Inc. taking substantial hits. This market turmoil has heightened fears of a recession, driven by a slight uptick in U.S. unemployment and historical drops in indices like Japan’s Nikkei 225.

The Japanese stock market significantly recovered on Tuesday following a historic plunge, with other Asia-Pacific markets also showing signs of improvement.

At the time of writing, S&P 500 Futures climbed 1.40% to 5,288.50 points, while Nasdaq 100 Futures advanced 1.88% to 18,351.50 points. Meanwhile, Dow Jones Futures increased 0.87% to 39,187 points on Monday, according to data from Benzinga Pro.

Read Next:

  • Trump’s Bold Plan To Use Bitcoin To ‘Wipe Out’ $35T US Debt Questioned By Economist Justin Wolfers: ‘That Not How Crypto Works’

Image Via Shutterstock

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote

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