Schwab Beats 2Q Estimates as Retail Traders Pile Into Market

Charles Schwab Corp. reported earnings that topped estimates as retail investors continued to jump in and out of the market amid volatility sparked by geopolitical uncertainty. Schwab reported a record 11.9 million daily average revenue trades in the second quarter, a 57% increase from a year earlier. Trading revenue also rose, climbing 28% to $1.2 billion. President and CEO Rick Wurster joins Bloomberg Businessweek Daily to discuss, saying clients are trusting the platform not just for investing but also for "help with their financial lives." Wurster also discusses continued demand from retail and younger traders, AI use cases in investing, the impact of this summer's SpaceX IPO, prediction markets, crypto, and more. He speaks with Carol Massar and Tim Stenovec.