Stats › Intraday and market microstructure › Circuit breaker clock
After 15:25 New York, only a 20% fall halts US stocks
| Time of day | Level 1, -7% | Level 2, -13% | Level 3, -20% |
|---|---|---|---|
| Before 09:30 | Nothing. The index is only measured 09:30 to 16:00. | Nothing. | Nothing. |
| 09:30 to 15:25 inclusive | 15 minute halt, once per day | 15 minute halt, once per day | Market closes until the next trading day |
| After 15:25 | No halt. Trading continues. | No halt. Trading continues. | Market closes until the next trading day |
| Early close days, after 12:25 | No halt. Trading continues. | No halt. Trading continues. | Market closes until the next trading day |
Source: NYSE Rule 7.12 and Nasdaq Rule 4121, Trading Halts Due to Extraordinary Market Volatility.
US exchanges halt stock trading for fifteen minutes if the S&P 500 falls 7% or 13%, but only up to 15:25 New York time. After that, nothing stops the market short of a 20% fall, which closes it. The last half hour has one brake.
15:25Halt cutoff, New York
-7%Level 1 decline
-20%Level 3, closes market
3 of 4Fired near the open
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