Technical Issue Halts Trading of Multiple Stocks on New York Stock Exchange

The New York Stock Exchange is currently looking into a technical problem that has caused a halt in trading for Berkshire Hathaway and several other stocks. NYSE explained that the issue is connected to a system meant to control extreme fluctuations in stock prices.

Dozens of stocks have been temporarily halted from trading because they exceeded the limit up-limit down bands, as reported on NYSE's website. Among those affected are well-known companies such as Chipotle and Berkshire Hathaway, which is headed by renowned investor Warren Buffett.

A GameStop store in Miami, Florida in May 2024.

A GameStop store in Miami, Florida in May 2024.

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Berkshire’s Class A stock (BRK.A) closed at $627,400 on Friday, but it is listed as trading at just $185.10, a price that would represent a loss of 99.97%, according to Refinitiv. It’s not clear if the issues are related.

NYSE said it continues to investigate and did not provide additional comment to CNN.

“This is not a Nasdaq issue,” Nasdaq spokesperson Emily Pan told CNN.

The Securities and Exchange Commission representatives were not able to comment at the moment. Joe Saluzzi, who is the co-founder of Themis Trading, mentioned to CNN that the technical problems do not seem to be affecting the overall market.

Saluzzi, a market structure expert and author of "Broken Markets," pointed out that Berkshire, Chipotle, and several other stocks were suddenly halted without any clear reason. It seems like something unusual is going on.

In addition to Berkshire, the majority of the halted stocks and ETFs were only experiencing small changes in their trading prices.

Barrick Gold (GOLD), a Canadian company that produces gold and copper, was seen trading at only 25 cents, marking a 98.5% decrease for the day, as reported by Refinitiv.

NuScale Power (SMR), a company specializing in modular nuclear reactor technology, went public and is currently priced at just 13 cents, showing a 98.5% drop for the day.

This story has been updated with additional developments and context.

Editor's P/S:

The recent technical glitch on the New York Stock Exchange, leading to the suspension of trading for Berkshire Hathaway and other stocks, highlights the importance of reliable and robust trading systems. The issue, stemming from a system designed to control extreme price fluctuations, underscores the challenges of managing market volatility in an increasingly complex financial landscape.

The incident also raises concerns about the potential impact on investors, particularly those holding affected stocks. The sudden and significant price drops displayed by some halted stocks, such as Berkshire Hathaway and Barrick Gold, could have caused confusion and financial losses for traders. The SEC's investigation into the matter is crucial to determine the root cause of the problem and ensure that appropriate measures are taken to prevent similar occurrences in the future.