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Charles Schwab (SCHW) said Monday, July 21, it is adding more assets, largely ETFs, for 24-hour trading, increasing the total to 1,100 equities and funds that retail investors can access outside normal U.S. business hours.
In February, the online broker opened up trading for its customers on a variety of exchange-traded funds and equities in the S&P 500 and Nasdaq 100. Its competitors, Robinhood (HOOD) and Intercontinental Exchange (ICE), have longer trading hours than the typical premarket and after-hours periods as well as the regular session, when volumes are at their peak.
According to James Kostulias, managing director of Charles Schwab, “24/7 trading gives investors flexibility and access that can be critical to take advantage of potential opportunities, as well as helping to manage risk,” as the pace of interconnected global market activity increases and market-moving news and events take place outside of regular U.S. market hours.
Tech and auto large part of Schwab’s stockpile
The company claims that since implementing 24-hour trading earlier this year, shares of Chinese EV manufacturer NIO (NIO), AI powerhouse Nvidia (NVDA), and Tesla (TSLA) are the most traded stocks at Charles Schwab.
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Since significant economic events and business earnings announcements frequently take place outside of regular U.S. trading hours, Charles Schwab’s move reflects the growing desire among retail investors for 24/7 access to global markets.This enhanced access fits in with Schwab’s plan to take on competitors more forcefully, since competitors like ICE and Robinhood also provide extended trading in an effort to attract more global investors.
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