Wall Street’s bracing for the economic impact of Hurricane Harvey as investors gauge the damage and destruction of the storm.
Gasoline prices are rallying after Harvey knocked refiners offline. According to Goldman Sachs, about 16.5% of total U.S. refining capacity was disrupted. The outages will limit the availability of crude and gas, and it likely means consumers will be paying higher prices at the pump.
Energy stocks react to Hurricane Harvey destruction
Massive flooding forced oil giant Exxon (XOM) to close its Baytown refinery, the second largest refinery in the country, while Royal Dutch Shell (RDS-A) closed its Deer Park refinery and chemical plant in Houston. Both stocks are trading lower as of 12:40 p.m. ET on Monday. Refiners that took their production offline include Valero (VLO), Citgo, Phillips 66 (PSX) and Marathon Petroleum (MPC).
Insurers drop as investors evaluate damage from Harvey
Insurance stocks are taking a hit in intraday trading on Monday as Wall Street weighs the damage from Hurricane Harvey. Progressive (PGR) and Infinity Property and Casualty Corp (IPCC) each saw their stocks drop more than 2.5% in midday trading. Allstate (ALL) and Mercury General (MCY) were among several other insurers that also posted losses on Monday.
Amazon closes deal with Whole Foods, cuts prices on grocery items
Amazon (AMZN) officially closed its $13.7 billion deal to buy Whole Foods, and one of the e-commerce giant’s first orders of business was slashing prices on several Whole Foods items. Atlantic salmon fillet is now $5 cheaper than it was previously in Manhattan. Organic Gala apples, organic bananas, fresh and farm raised tilapia filets and organic avocados are among some of the other items that got a price cut.
For more on Monday’s big stock movers and breaking news after the bell, check out The Final Round, starting at 3:55 p.m. ET, on Yahoo Finance.