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Expand chart
Data: FactSet; Chart: Axios Visuals

After seeing its stock price plunge 26% in Tuesday trading, brokerage firm TD Ameritrade announced it would offer free stock, ETF and options trades, starting Thursday.

Threat level: Investors are worried that the race to the bottom, now clearly in full swing, will blow a hole in the profitability of online brokerage companies. Shares of the companies already were struggling this year.

  • Charles Schwab — the largest of the publicly traded brokers with 12 million customers — made the same offer to clients earlier in the day, sparking a massive selloff among the top brokerage firms.
  • Interactive Brokers cut fees to zero on stocks and ETFs last week.

By the numbers:

  • Schwab's stock fell 9% on the day.
  • E-Trade's stock dropped 16%.
  • Interactive Brokers' stock lost 9%.

Of note: TD Ameritrade makes a particularly large (25%) share of its revenue from commission fees, according to analysts at investment bank JMP Securities.

Go deeper

Updated 22 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President-elect Joe Biden and Vice President-elect Kamala Harris have arrived at the Capitol. Members of congressional leadership and VIPs will soon be introduced. Watch a livestream here.

What's next: Biden and Harris will take their oaths of office. Shortly after, President Biden will deliver his inaugural address. What to expect.

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Momentum builds for major antitrust reform

Illustration: Aïda Amer/Axios

President Trump's outgoing antitrust chief Makan Delrahim on Tuesday endorsed a proposal from House Democrats that would put new limits on acquisitions by large companies, during comments made at a Duke University event.

Why it matters: Momentum is building for major antitrust reform, updating rules that were written for railroads instead of routers.

Updated 2 hours ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.