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Robinhood Markets Inc HOOD has introduced the suspension of its 24-hour buying and selling service as a result of an issue at its third-party execution venue.
What Occurred: The buying and selling platform revealed on Monday that it will not offer in a single day buying and selling as a result of a halt within the operations of its third-party execution venue, Blue Ocean ATS.
The suspension was introduced through a publish on social media platform X. The corporate acknowledged that each one 24-hour market orders open as of 8 PM ET can be executed beginning at roughly 4 AM ET the next day.
“Robinhood 24 Hour Market’s execution venue, Blue Ocean ATS (BOATs), has suspended in a single day buying and selling for tonight. 24 Hour Market orders which might be open as of approx. 8 PM ET will likely be routed for execution beginning at approx. 4 AM ET tomorrow. You might cancel your order at any time, and may nonetheless place an order for one more buying and selling session,” Robinhood mentioned in an announcement.
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Robinhood’s announcement comes within the wake of technical points skilled by a number of different companies, together with Charles Schwab, on Monday. These points quickly prevented some customers from accessing their brokerage accounts.
Why It Issues: The suspension of Robinhood’s 24-hour buying and selling comes amid a turbulent interval for world markets. On the identical day, Robinhood shares dropped almost 12% as buyers reacted to new U.S. financial information indicating a possible recession.
This uncertainty was exacerbated by geopolitical tensions within the Center East and issues concerning the U.S. economic system’s power. The sell-off started in Asian markets, with Japan’s Nikkei 225 falling over 12%.
Moreover, the Dow Jones Industrial Common skilled its largest drop in almost two years, falling 2.6%, or 1,034 factors. The S&P 500 and Nasdaq Composite additionally noticed important declines, with tech shares like Apple Inc. and Cisco Methods Inc. among the many greatest losers.
The worldwide sell-off erased $1.1 trillion from the market, with main tech firms like Nvidia Corp, Microsoft Corp., and Amazon.com, Inc. taking substantial hits. This market turmoil has heightened fears of a recession, pushed by a slight uptick in U.S. unemployment and historic drops in indices like Japan’s Nikkei 225.
The Japanese inventory market considerably recovered on Tuesday following a historic plunge, with different Asia-Pacific markets additionally displaying indicators of enchancment.
On the time of writing, S&P 500 Futures climbed 1.40% to five,288.50 factors, whereas Nasdaq 100 Futures superior 1.88% to 18,351.50 factors. In the meantime, Dow Jones Futures elevated 0.87% to 39,187 factors on Monday, in keeping with information from Benzinga Professional.
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This story was generated utilizing Benzinga Neuro and edited by Kaustubh Bagalkote
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