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Top companies may suffer huge losses after New York Stock Exchange halts briefly

A glitch at the New York Stock Exchange had triggered massive swings in the shares of Berkshire Hathaway and Barrick Gold. Trading in at least 60 NYSE-listed stocks were halted due to the volatility, before the bourse fixed the technical issue and activity resumed.

Edited By: Ajeet Kumar @Ajeet1994 New York Updated on: June 04, 2024 1:37 IST
Specialist Michael Pistillo, left, and trader Robert Charmak work on the floor of the New York Stock
Image Source : AP Specialist Michael Pistillo, left, and trader Robert Charmak work on the floor of the New York Stock Exchange

In a major development, dozens of stocks listed on the New York Stock Exchange were paused after a technical issue erupted on Monday. According to CNN, Berkshire Hathaway and dozens of other stocks were halted. The agency said it is investigating the issue. As per the details shared by the NYSE website, the latest glitch erupted as companies traded outside those so-called limit up-limit down bands. The list includes Chipotle and Berkshire Hathaway, the holding company run by legendary investor Warren Buffett.

Markets also weighed data showing U.S. manufacturing activity had slowed for the second straight month, raising concerns of weakening economic growth.

"What you're seeing when you look at the overall market is that it is trading down based on growth concerns relative to the continuation of more sluggish economic data," said Keith Lerner, co-chief investment officer at Truist Advisory Services in Atlanta.

"Not only is the overall market down, the 10-year Treasury note is down about 8 basis points, and that's another signal that investors are concerned about economic growth because they're now buying the 10-year," Lerner added. Traders see a 59% chance that the Fed will begin cutting rates in September, up from about 53% before the ISM data was released, according to the CME's FedWatch tool. Benchmark U.S. 10-year note yields US10YT=RR fell to a two-week low following the soft manufacturing data.

According to preliminary data, the S&P 500 .SPX gained 5.91 points, or 0.11%, to end at 5,283.39 points, while the Nasdaq Composite .IXIC gained 93.62 points, or 0.56%, to 16,828.63. The Dow Jones Industrial Average .DJI fell 110.89 points, or 0.29%, to 38,575.43. Nvidia NVDA.O rose after CEO Jensen Huang revealed that the company's next-generation AI chip platform would be rolled out in 2026.

Shares of other megacaps, including Apple AAPL.O, Amazon AMZN.O and Meta META.O gained. Alphabet GOOGL.O, Microsoft MSFT.O, and Tesla TSLA.O lost ground. GameStop GME.N soared after a weekend Reddit post from stocks influencer Keith Gill, also known as "Roaring Kitty", showed a $116 million bet on the gaming retailer.

Investors will be eyeing a data-packed week that includes surveys on the services sector, factory orders and Friday's closely watched nonfarm payrolls report, which could provide clues to the Fed's likely course of action with regards to rates.

(With inputs from agencies)

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