---
title: "Circuit Breakers"
description: "Reference table for U.S. market-wide circuit breakers (Level 1: -7%, Level 2: -13%, Level 3: -20%) and LULD single-stock trading halt bands."
canonical: https://www.getswoopr.com/tables/trading/circuit-breakers-trading-halts/
source: "Swoopr Investment: https://www.getswoopr.com"
---

## Direct Answer



> Market-wide circuit breakers halt all U.S. equity trading when the S&P 500 drops 7% (Level 1), 13% (Level 2), or 20% (Level 3) from the prior close. Level 1 and Level 2 halts last 15 minutes if triggered before 3:25 PM ET; Level 3 halts trading for the rest of the day. These rules replaced the old DJIA-based circuit breakers after the 2010 Flash Crash.








# Circuit Breakers and Trading Halts Reference



## Market-Wide Circuit Breakers (2013 to present)



| Level | S&P 500 Decline | Halt Duration | Time Restriction |
| --- | --- | --- | --- |
| Level 1 | -7% | 15 minutes | Only if triggered before 3:25 PM ET; no halt if triggered after that time |
| Level 2 | -13% | 15 minutes | Only if triggered before 3:25 PM ET; no halt if triggered after that time |
| Level 3 | -20% | Rest of trading day | Any time during trading day |



Source: [SEC: Market-Wide Circuit Breaker Rule](https://www.sec.gov/litigation/announcements/2012/34-67091.pdf). Last verified: September 2026.



## Single-Stock LULD (Limit Up/Limit Down) Halt Bands



| Stock Price Range | Band Width (each direction) |
| --- | --- |
| $0.00 - $3.00 | 75% |
| $3.00 - $75.00 | 5% (double-wide bands in first and last 30 minutes of session) |
| $75.00 and above | 5% (double-wide bands in first and last 30 minutes of session) |
| Non-S&P 500 / non-Russell 1000 securities | 10% (double-wide in first/last 30 minutes) |



Source: [SEC: Market-Wide Circuit Breaker Rule](https://www.sec.gov/litigation/announcements/2012/34-67091.pdf). Last verified: September 2026.



## Frequently asked questions



How many times have market-wide circuit breakers been triggered?

Market-wide circuit breakers have triggered very rarely. Under the current S&P-based rules (since 2013): they triggered four times in March 2020 during COVID panic selling (March 9, 12, 16, and 18, 2020 -- Level 1 each time, -7% or more). Under the older DJIA-based rules: they triggered once on October 27, 1997 (Asian financial crisis). The circuit breakers have never triggered on a Level 2 (-13%) or Level 3 (-20%) basis. The most famous market-crash event without circuit breakers: Black Monday October 19, 1987, when the DJIA fell 22.6% in one day -- circuit breakers did not exist yet. After Black Monday, circuit breakers were introduced to prevent cascade failures.



What is the LULD rule and how does it work?

LULD (Limit Up-Limit Down) prevents excessive individual stock volatility. For stocks priced $3-$75 and in the S&P 500 or Russell 1000: trading is halted if the price moves 5% from a rolling 5-minute average. For non-index stocks: the band is 10%. When the price reaches the band: trading pauses for 5 minutes for a reopening auction. If the auction fails to determine a clearing price within the band, the pause extends. LULD replaced the older single-stock circuit breakers installed after the 2010 Flash Crash (when some stocks briefly traded at $0.01 and others at $100,000). LULD triggers frequently (multiple times per week on various stocks) but is rarely noticed unless you hold the affected stock.



Can trading continue during a market-wide halt?

During a market-wide circuit breaker pause, all equity trading on all registered U.S. exchanges stops. This includes NYSE, NASDAQ, CBOE, and all alternative trading systems (dark pools). However: (1) futures markets (CME) continue trading during equity halts -- S&P 500 futures have their own separate circuit breakers (5%, 7%, 13%, 20% limits); (2) bond markets continue trading; (3) foreign exchange (FX) markets continue. After the 15-minute pause for Level 1 or Level 2 halts, equity trading resumes with a reopening auction. The 2020 circuit breaker pauses were orderly -- trading resumed normally after each 15-minute halt, and none extended to Level 2 or Level 3.







## Cite This Page



If you reference this table in your own work, use the following citation format and add the date you accessed it:



> Swoopr Editorial Team. (2026). *Circuit Breakers and Trading Halts Reference*. Swoopr Investment. [https://www.getswoopr.com/tables/trading/circuit-breakers-trading-halts/](https://www.getswoopr.com/tables/trading/circuit-breakers-trading-halts/)



Check the figures against the primary sources listed under References before you rely on or republish them; the series they come from are revised.





## References

- [SEC: Market-Wide Circuit Breaker Rule](https://www.sec.gov/litigation/announcements/2012/34-67091.pdf)



[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) produces independent investment education and research content.

Corrections: [corrections policy](https://www.getswoopr.com/legal/corrections-policy/). Standards: [editorial standards](https://www.getswoopr.com/legal/editorial-policy/).