The markets were mixed today as the focus was on all stocks that may have been affected by Hurricane Harvey. The media focused in on refiners and insurers which sent the Dow 30 lower by 7, the S&P 500 higher by 1. Tech stocks were not so much in question today which allowed for a small rally of 17 points on the Nasdaq 100. Tomorrow investors expect more information on the damages in Texas, but will also get information on consumer confidence as well.
Progressive Corp (NYSE: PGR) saw shares slump 2.25% as the investors began the process of anticipating the damages the insurer will have to pay. Shares of most insurers were lower today as the media focused on the aftermath of Hurricane Harvey. Allstate (NYSE: ALL) was also lower on the day, but overall the insurers have done well. So, while today has not been the best day for them, they are mostly still quite positive for the year. Allstate shows over a 20% gain on the year, while Progressive is higher by 33%.
Exxon Mobil (NYSE: XOM), along with other refiners affected by the storm were lower today following Hurricane Harvey. Shares of Exxon were lower on the day by another 0.535, sitting on yearly lows. Even as of today, with all the flooding it is difficult to get employees back to work. Exxon announced it would close its Baytown refinery which is the second largest in the country. Others also announced refinery closures and analysts note that it is not as simple as flipping a switch to get them back online.
Amazon (NASDAQ: AMZN) was successful in officially closing its purchase of Whole Foods today, and as promised, the company went right to work lowering prices on several, popular Whole Foods items. According to reports from analysts and consumers, Atlantic salmon fillet is now $5 cheaper than it was previously in Manhattan. Other items to see lowered prices included organic Gala apples, organic bananas, fresh and farm raised tilapia filets, and organic avocados.