- Getty/Mark Wilson
- JPMorgan announced Tuesday a digital-investing service that has free trades and no account minimum.
- Online brokers’ stocks are getting hit hard on the news.
- JPMorgan shares are ticking higher.
Online brokers are under pressure Tuesday morning after JPMorgan announced a digital-investing service that gives users 100 free trades a year and has no account minimum.
The selling has wiped out $5.5 billion in market cap of the biggest online brokers with Charles Schwab (-$2.64 billion) and TD Ameritrade (-$2.18 billion) seeing the biggest impact. JPMorgan shares are marginally higher.
Here’s a look at the scoreboard: