U.S. Stocks Whipsaw After the Fed Cuts Rates: Live Markets Updates

Robinhood, a popular stock-trading platform, is down.

Robinhood, a free trading app with more than 10 million users, experienced a systemwide shutdown for a second straight day, leaving many investors angry that they were unable to make trades in a rapidly moving market.

The outage kept the platform’s users from trading on Monday, when the SP 500 was up 4.6 percent — a big gain after a painful week for the market. The company said the problem had been resolved overnight, but investors were still having trouble when the stock market opened Tuesday morning.

“Our systems are currently experiencing downtime,” the company wrote on Twitter on Tuesday. “We’re determined to restore full functionality as soon as possible.”

The problem prompted some users to threaten the company with a lawsuit. “I have lost $5k+ and counting due to being unable to sell my options for 2 days now,” one user wrote on Twitter.

An iPhone maker is producing at only half its usual capacity.

Foxconn, the Taiwan-based electronics manufacturer and a crucial partner in Apple’s supply chain, said on Tuesday that it was producing at only half its required capacity for this time of the year, a sign of how hamstrung China’s factories remain even though the coronavirus outbreak appears to be subsiding in the country where it was first discovered.

The company expects to get production back to full capacity by the end of the month, Foxconn’s chairman, Young-Way Liu, said in a conference call with analysts. But the virus will still have a “significant” negative impact on the company’s business in the first quarter, Mr. Liu said.

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Article source: https://www.nytimes.com/2020/03/03/business/stock-market-today.html