NYSE Fixes Issue That Showed 99% Drops, Triggered Trading Halts
“A little weird, but almost undoubtedly coincidental,” said Steve Sosnick, chief strategist at Interactive Brokers LLC, of the NYSE issue after last week’s S&P 500 Index glitch. “We’ve gotten used to huge amounts of uptimes without exchange incidents, so when a couple of glitches in a row occur it is notable.”
Chipotle was down 1.2% at 9:44 a.m. New York time when it was halted. Abbott gained as much as 1.9% on Monday.
Halts are normally triggered by a series of factors, most commonly for rapid and large changes in price and volume. Chipotle resumed trading at 10:21 a.m. in New York and was down about 2.5%.
The glitches come a week after U.S. stock exchanges switched to one-day settlement, and only a few days after a confusing blip caused the S&P 500 to not print updates for about an hour.
On Thursday, live pricing stopped for the biggest U.S. equity index as the index provider S&P Dow Jones Indices had trouble disseminating the information, but the glitch did not affect individual stocks and resulted in only minor disruptions.
“Whether a coincidence or not, it is certainly causing a pile of confusion on the street for the second session out of the last three,” Dave Lutz, head of ETFs at JonesTrading, said in a message.
The disruptions are reminiscent of a confusing episode in January 2023, when a staffer at the New York Stock Exchange’s backup data center in Chicago left a backup system running in an error that led to wild price swings for hundreds of stocks when the market opened.