NYSE Glitch Affected Over 250 Stocks and Caused Huge Price Swings

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A system glitch on the NYSE caused some stocks to show huge price swings on their Tuesday open. The exchange attributed the price fluctuations to a “system glitch” that prevented it from conducting “opening auctions”. A listing from the NYSE showed that more than 250 stocks were affected by the system issue. Something is loading.

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A glitch on the New York Stock Exchange sent the prices of some blue-chip stocks like Morgan Stanley and Wells Fargo swinging on Tuesday, sparking chaos in the markets.

A listing from the NYSE showed that more than 250 stocks were affected by the system glitch, causing huge price swings just after they opened at 9:30 a.m. in New York.

Morgan Stanley stock, for its part, closed at $97.13 on Monday but fell nearly 13% to $84.93 at its Tuesday open. Wells Fargo shares also plunged 15% to $38.10 on Tuesday, shortly after opening. They had closed at $45.03 on Monday.

Walmart stock, on the other hand, had closed at $142.64 on Monday, but jumped 12% to $159.88 when it opened on Tuesday.

Trading in these stocks halted almost immediately and reopened within 15 minutes. Other big names affected include shares of ExxonMobil, McDonalds and 3M.

The NYSE attributed the price swings to a “system glitch,” according to a Tuesday article. The exchange explained in multiple updates that the issue led the NYSE not to hold an “opening auction” for the affected stocks. The process, based on supply and demand, uses a computer to determine the opening prices of stocks.

However, the system glitch “resulted in continued trading in these securities beginning at 9:30 a.m. with no impression of an opening auction,” the NYSE said in a statement. This in turn caused stocks to start trading at abnormally high or low prices.

The NYSE said it was canceling unusual trades made before price limits to curb volatility took effect, according to .

“Events like these are extremely rare, and we carefully review the day’s activity to ensure the highest level of resilience in our systems,” NYSE Chief Operating Officer Michael Blaugrund told in a statement. “We ended the day with a normal market close and expect a regular open on Wednesday.”

Shares of the Intercontinental Exchange, which owns the NYSE, closed down 2.22% at $106.25 on Tuesday.

The U.S. Securities and Exchange Commission told it is reviewing the episode.

The NYSE and SEC did not immediately respond to Insider’s requests for comment outside of normal business hours.

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