June 14, 2024

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Stocks decline amid weak manufacturing data, GameStop rises after 'Roaring Kitty' returns

Stocks decline amid weak manufacturing data, GameStop rises after 'Roaring Kitty' returns

A technical glitch on the New York Stock Exchange (NYSE) early Monday resulted in several incorrect stock quotes and halted volatility.

The glitch affected several stocks, most notably a 99.9% drop in the stock price of Warren Buffett's Berkshire Hathaway (BRK-A), Yahoo Finance's Ines Ferré reported.

Berkshire Hathaway's (BRK-B) Class B shares, which trade at 1/1,500 of the price of Class A shares, fell as much as 1.1% on Monday and appeared largely unaffected by the error, despite apparent volatility in both… Both versions. With A shares reopening for trading near 11:35 a.m. ET.

“A technical issue with the industry-wide price ranges published by the CTA SIP resulted in a number of stocks listed on NYSE Group exchanges being halted this morning,” the NYSE said in an emailed statement shortly after 11 a.m. ET. .

Traders and floor officials react to technical issues on the floor at the New York Stock Exchange (NYSE) in New York City, US, June 3, 2024. REUTERS/Brendan McDiarmid

Traders and floor officials react to technical issues on the floor at the New York Stock Exchange (NYSE) in New York City, US, June 3, 2024. REUTERS/Brendan McDiarmid (Reuters/Reuters)

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

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

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

The technical glitch came on Monday, days later Disappearance From live calculations of the S&P 500 Index (^GSPC) and the Dow Jones Industrial Average (^DJI) for about an hour.

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About a week ago, the New York Stock Exchange began settling stocks in one business day in compliance with a new rule from the Securities and Exchange Commission, where the time between trading and settlement was reduced from two days to one day.