Markets

Close Update: Shares Mixed As Hurricane Batters Energy Sector, Underpins Construction, Home Improvement Stocks

Studying market data including diagrams

Wall Street's major averages were mixed at Monday's close as investors weighed the impact from Hurricane Harvey on the oil and insurance industries. Losses were mitigated, however, by strength in shares of construction and home improvement stocks, as well as healthcare and technology shares which gave the Nasdaq Composite a measurable lead over the Dow and S&P 500.

The flight-to-safety that was fuelled by the hurricane's devastating impact on the U.S.'s fourth largest city drove gold prices to their highest level since Election Day, and the yield on the 10-year benchmark Treasury note to a 2-month low of 2.15%. And although gas futures closed nearly 4% higher, West Texas Intermediate oil futures lost 3% in value as Houston's oil refineries struggle to come back on line. The area refines more than 2 million barrels of crude oil per day.

Images from East Texas overshadowed Monday's economic data. The U.S. trade deficit in goods widened $65.1 billion in July from a revised $64.01 billion deficit, missing estimates for a $64.1 billion deficit.

Also, the Dallas Fed manufacturing index improved to 17.0 in August from 16.8, beating 15.7 estimates.

Tuesday's data includes the Case Shiller home price index for June and August consumer confidence.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 5.27 points (-0.02%)

S&P 500 was up 1.19% (+0.05%)

Nasdaq Composite Index was up 17.37 points (+0.28%)

GLOBAL SENTIMENT

FTSE 100 was closed

Nikkei 225 was down 0.01%

Hang Seng Index was up 0.05%

Shanghai China Composite Index was up 0.93%

UPSIDE MOVERS

(+) MXPT (+149.09%) To be acquired by Valassis for $95 million

(+) FSNN (+86.18%) Agreed to buy Birch Communications cloud and business operations unit in all-stock deal

(+) IXYS (+40.44%) Agreed to be acquired by Littalfuse ( LFUS ) for approximately $750 million

(+) KITE (+28.00%) To be acquired by Gilead ( GILD ) for approximately $11 billion

(+) FRSX (+12.24%) Signed a pilot agreement with one of China's top three car manufacturers to test Eyes-On driver assist system

DOWNSIDE MOVERS

(-) UNXL (-75.85%) Announced plans to file for bankruptcy

(-) SFM (-9.71%) Negative impact on company sales expected by Amazon's ( AMZN ) price cuts at Whole Foods Market ( WFM )

(-) CDNA (-8.72%) Shareholders plan to sell 2.8 million shares at $1.89 per share

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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