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Stocks Fall Amid Weak Manufacturing Data, GameStop Recovers After Return of ‘Roaring Kitty’

A technical glitch on the New York Stock Exchange (NYSE) Monday morning led to multiple stock price errors and volatility shutdowns.

Yahoo Finance’s Ines Ferré reports: The problem affected several stocks, including a 99.9% drop in the price of Warren Buffett’s Berkshire Hathaway A shares (BRK-A).

Berkshire Hathaway B shares (BRK-B), which trade at 1/1,500th the price of A shares, were down 1.1% on Monday and appear unaffected by the error, although volatility has been pronounced in both broadcasts. as A shares reopened for trading around 11:35 a.m. ET.

“A technical issue with the industry-wide price ranges published by the CTA SIP has triggered the halting of a number of stocks listed on the NYSE Group exchanges this morning,” read a statement from the NYSE sent by email shortly after 11 a.m. Eastern Time.

Traders and trading officials react to technical issues at the New York Stock Exchange (NYSE) in New York, U.S. June 3, 2024. REUTERS/Brendan McDermidTraders and trading officials react to technical issues at the New York Stock Exchange (NYSE) in New York, U.S. June 3, 2024. REUTERS/Brendan McDermid

Traders and trading officials react to technical issues at the New York Stock Exchange (NYSE) in New York, U.S. June 3, 2024. REUTERS/Brendan McDermid (Reuters/Reuters)

Price bands prevent excessive volatility or extreme movements of an individual security. The NYSE said the affected stocks have since reopened or are in the process of reopening, and the issue has been resolved.

Chipotle (CMG) stock was temporarily halted due to volatility about 14 minutes after the market opened, even though the stock was only down 1.2%.

Horace Mann Educators (HMN) and Franco-Nevada Corp (FNV), a gold-focused royalty and streaming company, have also been temporarily suspended.

Monday’s technical issue comes days after live calculations of the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) disappeared for about an hour.

About a week ago, the NYSE began settling stocks in one business day to comply with a new Securities and Exchange Commission rule, as the time between a trade and settlement was reduced from two days to one day.

News Source : finance.yahoo.com
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