A technical glitch occurred at the New York Stock Exchange (NYSE) early Monday morning, causing errors in several stock prices and halting volatility.
Yahoo Finance’s Ines Ferré reports: “The glitch affected multiple stocks, most notably Warren Buffett’s Berkshire Hathaway (BRK-A) A shares, which saw their price plummet 99.9%.”
Berkshire Hathaway (BRK-B) B shares, which trade at 1,500 times the price of A shares, fell as much as 1.1% on Monday, appearing to be largely unaffected by the error, but both stocks saw noticeable volatility as A shares resumed trading around 11:35 a.m. ET.
“A technical issue with industry-wide price bands issued by the CTA SIP caused trading to be halted this morning in a number of stocks listed on NYSE Group exchanges,” an emailed statement from the NYSE sent shortly after 11 a.m. Eastern time said.
The price bands are intended to prevent unusual or extreme movements in individual stocks. The NYSE said the affected stocks have since resumed trading or are in the process of resuming trading and that the issue has been resolved.
Chipotle (CMG) shares were briefly halted from trading due to high volatility about 14 minutes after the market opened, even though the stock price was down just 1.2%.
Gold-focused royalty and streaming companies Horace Mann Educators (HMN) and Franco-Nevada Corporation (FNV) were also temporarily suspended.
Monday’s technical glitch came days after live calculations of the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) disappeared for roughly an hour.
About a week ago, the New York Stock Exchange began settling stocks on a single business day in compliance with new Securities and Exchange Commission rules, shortening the time between trades and settlement from two days to one.
