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Trading platforms curb trading on high-flying Reddit stocks

Major trading platforms including Robinhood, TDAmeritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

Why it matters: It limits access to the traders that have contributed to the wild Reddit-driven activity — a phenomenon that has gripped Wall Street and the country.


Robinhood said it will only allow traders to close out their positions in stocks like GameStop, AMC Entertainment, BlackBerry and a slew of others that have been popular on Reddit boards, TikTok and other social media platforms, citing "recent volatility."

Interactive Brokers is cutting off options trading for these names and upping the requirements necessary to take long or short positions in these stocks.

  • What they're saying: "We do not believe this situation will subside until the exchanges and regulators halt or put certain symbols into liquidation only. We will continue to monitor market conditions and may add or remove symbols as may be warranted," the company said in a statement to CNBC.

TDAmeritrade also limited trading for these stocks,while Charles Schwab (which owns TDAmeritrade) tightened margin requirements for trading.

Where it stands: Shares of GameStop jumped as much as 14% higher in early trading, while other hot meme stocks fell dramatically — including Bed Bath & Beyond (-18%), BlackBerry (-21%) and AMC (-26%).

  • A number of trading platforms also said they were experiencing device disruptions.

Top Chinese diplomat warns Biden against meddling in country's affairs

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Why migrants are fleeing their homes for the U.S.

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Cities' pandemic struggle to balance homelessness and public safety

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Why it matters: It’s led to tension when cities move in to clear encampments — often for health and safety reasons — causing some to rethink the role of law enforcement when interacting with people experiencing homelessness.

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Biden to sign voting rights executive order to mark "Bloody Sunday" anniversary

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New York Gov. Cuomo faces fresh misconduct allegations from former aides

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Driving the news: The Washington Post reported Cuomo allegedly embraced an aide when he led the U.S. Department of Housing and Urban Development and that two male aides who worked for him in the governor's office accused him of routinely berating them "with explicit language."

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In photos: Minnesota protesters rally for George Floyd ahead of Derek Chauvin's trial

Dozens of protesters were rallying outside the Minnesota governor's mansion in St Paul Saturday, urging justice for George Floyd ahead of former Minneapolis police officer Derek Chauvin's trial over the 46-year-old Black man's death.

The big picture: Chauvin faces charges for second-degree murder and manslaughter over Floyd's death last May, which ignited massive nationwide and global protests against racism and for police reform. His trial is due to start this Monday, with jury selection procedures.

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