30 minutes into the trading day on this monday. Taylor we look to be a bit directionless. Taylor a little bit of red on the dow, but green for the s p and nasdaq. The rustle up more than 3 10 of 1 . This,f the things driving farm and biotech industry. Gilead is in the s p. Perhaps shum of some of the major averages being pushed up by merger monday. The russell 2000, when we talk about that, it is all about the small caps making a comeback. You can see a little bit of correlation here and in quite a bit of divergence with the s p 500 in blue and the russell 2000 and white. The small caps posted their best weekly gains since june last week, gaining about 1. 4 . Perhaps trying to close that gap. Maybe tax reform is back on the table after we get through the debt ceiling fight. Mergeronday, it is monday so lets talk about a few of those deals we are looking at. Kite andtakeover of the expedia ceo leaving for uber. Gilead has some hepatitis c drugs. Tight is interesting in the Cancer Therap
Business impact. Jackie deangelis is in Corpus Christi watching the refineries, and Brian Sullivan is focusing on the port side of the story. We begin with brian. Hey, brian reporter hey, melissa. Thank you very much. I can confirm that it is once again raining here the rain will just not stop. And there is nowhere for the water to go. Were south of houston, by far were in texas city, which is where a lot of these major refiners are based lets focus on the ports because the galveston ship channel, which is the doorway to the port of houston. You literally, all the ships in houston have got to go through the galveston ship channel it is completely shut down it is not that far that way to us there is no, at least, word that weve gotten lately of when that will open. And there are many, many supertankers that are off the coast. The reason we care about the port of houston is not only because its going to bring in needed supplies, but its a national story, as well. According to the port bu
Market impact on Hurricane Harvey. 5 , the futures up highest level in two years. Texas is the largest cotton producer in the u. S. The next two indexes are interesting as far as what is being mortgagebacked, products or production. The higher this goes, the tighter we see the Product Market. The second is the vti versus signifying more production in the u. S. , meaning lower as it comes down. In texas, floodwaters overwhelm houston as Tropical Storm harvey inundatess texas, southeastern texas. Us is our commodities managing editor. In terms of the houston damage, this is unprecedented. If you are familiar with houston, this is a place that tends not to take water terribly well. In terms of the industry itself, we are starting to see refineries shut down as the storm moves west to east. Alix as far as the refineries shutting down and crude reduction, that is well known in the market. What is not talked about as much is how important crude exports are two men support. To mexico. They ha
Tens of billions of dollars of Economic Activity at risk. Contessa brewer downtown houston and jackie deang lose and Morgan Brennan looking at the rising cost of harvey she is up in connecticut and Angie Lassman is tracking the path of the storm. Right now, lets see how the markets and your money are doing in reaction with joe kernen. Yeah, stocks are down the dow, anyway. Steady this hour in a narrow range. Nasdaq is actually up. Apple is among the top leaders announcing a product event september 12th where it is suspected to unveil its latest iphone the big moves happening in Energy Following harveys destruction. Gasoline prices surging as refineries shut down for the duration of the storm, at least. Lets get you caught up on the latest of harvey Governor Greg Abbott announcing he has activated the entire Texas National guard that brings the total number of deployed guardsmen roughly 12,000 12,000 new numbers out show more than 1,600 flights have been canceled because of harvey. As b
Can. Tomorrow galveston is supposed to get whacked inforecasts are wong that could impact the refining industry, which is already hurt. Most of the refineries are about three, four miles that way a bunch of them are shut down. An estimated, lets call it 15 of Refining Capacity offline we dont know exactly for sure, marathon petroleum, for example, was cagy, said we dont give updates. We drove by the refinery today there wasnt many cars around. Thats why were seeing oil drop because if youre not refining, youre not putting into oil. Theres another angle for you and the traders which i would talk about which is onshore. Houston is a humanitarian issue. Thats a whole bigger different issue. Lets focus just on the narrow issue of refining. We talked about oil here dont forget about the Eagle Ford Shale and inland. Its not getting headlines now because of whats happening in hust houston however, seaport security are hearing there are slowdowns in production or disruptions in production beca