In this way, banks, retailers and industrial companies were affected, among which were included Wells Fargo, McDonald’s, Walmart, and Morgan Stanley.
The error resulted in some sharp turns, spanning almost 25 percentage points between high and low prices in a matter of minutes.
The number of shares traded Tuesday at off-market prices was just a small fraction of the usual volume in stocks that typically see millions of shares change hands each day.
In companies like McDonald’s and Verizon Communications, a few thousand shares were liquidated at prices well above or below the last trade. Others like Nike and Exxon saw millions of dollars in stock movement, according to data compiled by Bloomberg.
On Tuesday, Walmart and McDonald’s rose and then fell as much as 12% before returning to more normal business ranges.
Towards the end of the session, the general stock indices were little changed. The transactions occurred in securities listed on the New York Stock Exchange and on other platforms, including those supervised by Nasdaq, CBOE Global Markets and private venues that report to Finra’s trade reporting center.
Source: Ambito
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