It's a volatile day on Wall Street, where stocks suddenly tumbled mid-morning. Investors have a lot on their minds: President Joe Biden's stimulus plan is facing criticism from lawmakers concerned about the deficit, a deluge of corporate earnings is on tap and drug maker Merck pulled its Covid-19 vaccine plans.
Meanwhile, various trading platforms appear to be struggling with outages: Vanguard and Charles Schwab acknowledged on Twitter that some users are experiencing outages, while Downdetector also flagged issues for users of Robinhood, TD Ameritrade and ETrade.
Stocks had started the session mixed but fell sharply mid-morning. The Dow tumbled more than 430 points at its low point.
The major three indexes have recovered since then, with the Dow down 0.6%, or 184 points, and the S&P 500 down 0.2% at midday.
The Nasdaq Composite has crept back into positive territory and is up 0.2%. The tech-heavy index is on track for a record finish.
"This risk off [dynamic] isn't worrying me. It's healthy," Megan Horneman at Verdence Capital Advisors told CNN Business about the morning's selloff. "I expect to see more days like this in [Biden's] first 100 days," as campaign promises get a reality check, she added.
JJ Kinahan, chief market strategist at TD Ameritrade, noted "there's a lot of news to digest for investors. We've had such an incredible run, and 20% of the S&P 500 are releasing earrings this week."
Big names including Apple, Facebook, Microsoft and Tesla are reporting earnings this week. So investors might be taking some money off the table ahead of the fourth-quarter results, which could explain some of the weakness in the market.
Volatility has also gripped certain single stocks: trading in gaming retailer GameStop has been halted multiple times throughout the morning as the company's shares soared thanks to bullish investors touting the stock on Reddit.