All three major indices were little changed Monday.
Energy markets, however, moved as Harvey continued to ravage Texas.
First up, the scoreboard:
- Dow: 21,796.61, -17.06, (-0.08%)
- S&P 500: 2,443.19, +0.12, (0.00%)
- Nasdaq: 6,281.53, +15.92, (+0.25%)
- WTI crude: $US46.74, -1.13, -2.36%
1. Energy markets moved as Harvey continued to ravage Texas. US gasoline futures jumped by as much as 6.8% early Monday. WTI crude, the US-benchmark, tumbled by as much as 3% in the afternoon.
2. 10 oil refineries in Texas have been shut down because of Harvey, according to a report by S&P Global Platts released Sunday. Together these plants have the capacity to refine about 2.2 million barrels a day. The storm has, so far, shut down one-quarter of oil production from the Gulf of Mexico.
3. Gilead bought the cancer-immunotherapy biotech Kite Pharma for $US11.9 billion. Kite has been one of the companies leading development for a new form of highly personalised cancer treatment called CAR T-cell therapy. It’s a type of cancer immunotherapy, a therapy that harnesses the body’s immune system to take on cancer cells.
4. Traders betting against Chipotle are making millions as avocado prices surge. They have made $US467 million betting against the Mexican fast-casual chain so far in the third quarter, according to data compiled by financial-analytics firm S3 Partners.
5. Amazon just made shopping at Whole Foods cheaper — here’s exactly how much you’ll save on each item. On Monday, the day that Amazon’s $US13.7 billion acquisition of the grocer went through, prices on certain Whole Foods items immediately dropped.
6. Thousands of rail workers rehired at Warren Buffett’s BNSF as coal volumes rise. BNSF Railway Co has called back roughly 4,000 of the 5,000 workers who were furloughed across its system last year, reflecting stronger volumes of coal, grain, and intermodal containers and trailers, a spokesman said.
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