- The New York Stock Exchange (NYSE) experienced a technical issue on Monday, June 3, 2024, that caused the A-class shares of Berkshire Hathaway to appear to be down nearly 100% for most of the morning trading period.
- Trading was halted in those shares, as well as in Barrick Gold and Nuscale Power, which had also seen dramatic falls. All three stocks have since resumed trading.
- The NYSE said that the problems stemmed from the price-bands published by the Consolidated Tape Association (CTA), the organization used by major exchanges to jointly provide real-time stock quotes.
Technical Glitch Impacts Market Confidence
- The technical issue is a reminder that the exchanges and data providers that are central to Wall Street are not completely error free.
- Other recent examples include an hourlong freeze for CME index data feeds last week and a Nasdaq system error in December that led to some orders being canceled.
- The NYSE also had a day in January 2023 when the opening auctions for some stocks did not occur properly.
Berkshire's Resilience Amidst Market Volatility
- Despite the technical glitch, Berkshire Hathaway's A-class shares ended the day up less than 1%.
- The halts did not appear to have a notable effect on the value of the major market averages.
- Berkshire Hathaway's stock has been on a steady upward trajectory in recent years, driven by the company's strong financial performance and Warren Buffett's leadership.
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