OAN’s James Meyers
12:10 PM – Monday, June 3, 2024
A massive technical glitch at the New York Stock Exchange (NYSE) caused the wrong share prices to be displayed for several major companies, including Warren Buffett’s Berkshire Hathaway.
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Trading of shares were brought to a stoppage for Buffett’s firm after the stock exchange showed it was down by 99%.
Shares of other companies including Chipotle, Barrick Gold and Nuscale Power were also paused due to volatility.
The stock price of Barrick Gold was shown to be down by an eye-popping 98% before trading was suspended because of the glitch.
The stock exchange said on Monday that it was investigating the glitch and the issue has been resolved, with trading resuming for the impacted stocks as of 11:22 a.m. ET according to the NYSE.
The Limit Up-Limit Down mechanism is meant to prevent extraordinary market volatility and extreme price movements of individual securities.
It also prevents trading from occurring outside of specific price bands that are continuously updated throughout the trading day.
“It’s erroneous trade reports and will get taken from the tape,” Joe Saluzzi, co-head of equity trading at Themis Trading, said.
“It’s somebody having a glitch whether it’s the exchange or a market maker.”
Meme stocks GameStop and AMC were also halted due to the error, after GameStop soared by nearly 80% early Monday.
Meanwhile, the cause of the glitch is unknown, but a spokesperson for the NYSE told the Financial Times the exchange does not suspect a cyber attack.
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