On Monday, investment platform Robinhood briefly suspended trading amid a major stock market sell-off.
Robinhood, $HOOD, 24 Hour Market's execution venue, Blue Ocean ATS (BOATs), has suspended overnight trading for tonight
8/5/2024
The S&P 500 fell 4% in early trading, while the Dow Jones Industrial Average dropped 1,197 points, or 3%, by 9:35 a.m. The market turmoil led to a similar 12.4% decline in Japan's Nikkei 225.
Social media users on X shared screenshots of a Robinhood app alert indicating that trading was temporarily unavailable due to the market volatility.
“The 24 Hour Market is currently unavailable,” the alert stated. “You can still place an order for another trading session.”
A source familiar with the situation told The National Desk (TND) that Robinhood had experienced some canceled trades during the overnight session but was operational when the market opened on Monday.
Robinhood's website notes that it adheres to stock market “circuit breakers,” which are predetermined criteria for halting trading set by the U.S. Securities and Exchange Commission. A Level 1 circuit breaker triggers a 15-minute trading halt if the S&P 500 falls 7% from its previous close.
If the S&P 500 drops 20%, a Level 3 circuit breaker is enacted, closing the market for the remainder of the day. Each circuit breaker can only be activated once per day.
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