We are Sure Bet News BTC famous casinos not on gamstop reviews
News from around the world

Bizarre Price Swings: NYSE Trading Halted by Technical Glitch, Berkshire Hathaway Affected

images 2024 06 03T184831.534

A technical issue disrupted trading on the New York Stock Exchange (NYSE) on Monday morning, triggering abnormal price fluctuations and trading halts for dozens of stocks, including major names like Berkshire Hathaway and AMC Entertainment.

The glitch, which the NYSE attributed to a problem with the industry’s electronic stock price publisher, caused extreme price swings that defied market fundamentals. At one point, Berkshire Hathaway’s Class A shares, typically valued at around $620,000 each, were incorrectly displayed as trading down 99% at just $185.10.

Other affected stocks included Chipotle, GameStop, and Barrick Gold, with the latter two showing precipitous declines of over 98% before trading was halted. In total, around 50 stocks were impacted by the technical issue, according to the NYSE’s website.

In a statement, the Consolidated Tape Association (CTA), responsible for publishing real-time trade and quote data, said the problem may have been related to a software update that impacted the price “bands” or electronic guardrails designed to limit volatility. The issue was resolved by reverting operations to a data center where the previous software was still running.

The NYSE confirmed that normal trading had resumed by late morning, with impacted stocks reopening and “all systems currently operational.” The exchange’s parent company, Intercontinental Exchange, found no evidence that the glitch was caused by a cyberattack, according to a major bank in contact with ICE.

While the broader stock market remained largely unaffected, the technical disruption raised concerns about the integrity and reliability of trading systems. When speaking to CNN, market structure expert Joe Saluzzi seemed skeptical about the NYSE’s explanation, stating that the bizarre trades did not follow the expected pattern of gradual price changes.

Either way, regulators and industry participants will likely scrutinize the episode to identify potential weaknesses and implement measures to enhance the resilience of trading infrastructure.

Related posts

Lammy Cites Christianity And Class As Shared Ground With JD Vance

Soyiga

Historic First Baptist Dallas Sanctuary Damaged in Major Fire

Sylvia

Protesters Storm Bangladesh Jail, Release ‘Hundreds Of Inmates’

Soyiga

Bangladesh Imposes Nationwide Curfew Amid Deadly Protests Over Government Job Quotas

Sylvia

Melania Trump Avoids Donald Trump’s Kiss In Awkward Public Moment

Soyiga

AOC and Omar Criticize Anonymous Leaks About Biden’s 2024 Campaign

Sylvia

Leave a Comment