As of July 21, 2025, every retail client on Schwab’s platform can trade more than 1,100 securities around the clock. That includes every stock in the S&P 500 and Nasdaq 100. Hundreds of ETFs are in the mix. The session runs Monday through Friday. No breaks. No blackout windows. Orders stay live until 8pm Eastern.
The rollout hitafter a successful pilot that ran through late 2024. Schwab saw heavy volume spikes during overnight news cycles. June 12 broke records. Overnight trades doubled after reports of Middle East tensions. Tesla, Nvidia, and Nio led the volume. Schwab’s internal data shows thousands of new clients entering the overnight session each week. International accountsare driving the surge.
The platform behind it is thinkorswim. Orders use the EXTO type. That tag keeps trades active through the full overnight window. Schwab’s total client assets now sit at $10.76 trillion. Daily average trades hit 7.6 million in Q2.That’s up 4.2% from Q1. The firm’s revenue climbed 25% year over year. Gross margin holds at 97%.
The expansion added ETFs tied to energy, semiconductors, and defense. SPY, QQQ, XLE, SMH, and ITA are all eligible. Schwab says the list will grow. No surcharge for overnight trades. No change in commission structure. Liquidity remains thinner than regular hours. Spreads widen. Volatility spikes. But the access is real.
Ameritrade first launched 24-hour trading in 2018. Schwab acquired them in 2020. The original offering had two dozen ETFs. Now it’s full index coverage. The move puts Schwab ahead ofRobinhood and ICE in terms of overnight depth. Robinhood offers limited premarket. ICE focuses on futures. Schwabnow runs full equity access.
The most active overnight tickers include TSLA, NVDA, NIO, MSFT, AMZN, and RXRX. Schwab says volume patterns mirror regular hours. Most trades hit between 8pm and9pm, thenagain near 4am. That matches global news cycles.Earnings drops. Geopolitical headlines. Currency moves. Traders are reacting in real time.
Schwab’s Managing Director James Kostulias said, “24-hour trading gives investors flexibility and access that can be critical to take advantage of potential opportunities.” The firm expects continued growth. No plans to scale back. No limits on retail participation.
The move changes the game. Retail traders now have full access. Overnight risk is real. But so is the opportunity.
Sources
https://finance.yahoo.com/news/schwab-announces-further-expansion-overnight-123000658.html
https://www.investopedia.com/schwab-expands-24-hour-trading-to-1100-securities-11775766