The New York Stock Exchange has been hit by a rare technical glitch that caused all stock prices to be at a 99% discount, halting all trades as the stock market was thrown into chaos.
First reported by Bloomberg, the NYSE confirmed that a technical glitch caused the stock prices of Berkshire Hathaway and the Bank of Montreal to drop by 99.97% during opening trade on Monday.
Other companies impacted include Chipotle, GameStop, Nuscale Power, and dozens more. The NYSE had to pause stock trades for these companies as it tried to resolve the issue.
NYSE Glitch Already a Second Time in a Row
As of writing, the New York stock trades have returned to operation, over an hour since the first stock price drops were recorded at 9:44 a.m., New York time.
The technical glitch on the NYSE was the second time the same error occurred in a week as financial experts and technical staff scrambled to mitigate its impact on major businesses.
The NYSE's parent company dismissed the possibility of a cyberattack, pointing to an"industry-wide" issue that occurs when the trading halt mechanism was accidentally enabled as the main cause.
NYSE Glitch Could Deepen Economic Instability, Experts Warn
The technical glitch at the New York stock market came amid already existing concerns about the market's value as it continued to slide down for months.
Partnered with ballooning inflation and loose federal policies, investors fear that a new recession might hit the country soon amid market slowdowns, senior economist José Torres wrote via CNN.
It does not help that stock exchange markets have also seen growing cyberattacks in financial sectors, further hurting revenue growth across the industry as the Internation Monetary Fund warned of grave consequences to the country's economic stability.
Experts assured that no recession will happen anytime soon, although people must be ready as the industry started "normalizing" similar responses towards the crisis.
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