Technical Issue Halts Trading on New York Stock Exchange, Berkshire Hathaway Down 99.97%

The New York Stock Exchange faced a major technical issue on Monday that caused trading to halt for some major stocks and led to Berkshire Hathaway’s stock price plummeting by 99.97%. The issue has since been resolved, with all impacted stocks reopening and systems operating normally.

Intercontinental Exchange, the parent company of NYSE, has confirmed that the glitch was not caused by a cyberattack. Instead, NYSE attributed the problem to a “technical issue” with industry-wide price bands that triggered trading halts on up to 40 symbols listed on NYSE Group exchanges.

The Consolidated Tape Association’s (CTA) Security Information Processor (SIP) was responsible for publishing the price bands, and CTA reported that the issue may have been related to a new software release. To fix the problem, CTA relied on a secondary data center operating on an older version of the software.

NYSE announced that it would cancel all “erroneous” trades for Berkshire Hathaway between a specific time frame and price range. The Securities and Exchange Commission is monitoring the situation, and market experts like Joe Saluzzi have expressed skepticism about the official explanation for the bizarre trades that occurred.

While the technical issues did not significantly impact the broader stock market, some stocks like Barrick Gold and NuScale Power experienced drastic price fluctuations before returning to normal trading levels. The story continues to develop, with additional updates and context being provided as the situation unfolds.