Markets were mixed Monday as the Dow Jones Industrial Average closed the day near session lows.
The Dow fell 0.22%, or 58 points to 25,859, while the Nasdaq gained 0.27%, or 22 points to 7,924, and the S&P 500 rose 0.2%, or 6 points to 2,877.
Housing Supplier Stocks Surge Ahead of Hurricane Florence
Hurricane Florence has turned into a Category 4 storm that could be life-threatening, forcing a county in North Carolina to issue a mandatory evacuation.
The silver lining in the storm: Home supply stocks are climbing Monday.
Owens Corning (OC) , which produces insulation, roofing and fiberglass composites, was up 4.6% to $61.13 Monday, its highest level in four weeks. MasTec Inc. (MTZ) , which is an infrastructure engineering and construction company, is up $1.25 to $41.90. Mechanical and electrical construction company EMCOR Group (EME) is up 0.5% and Granite Contstuction Inc. (GVA) is up more than 3%.
The National Hurricane Center is predicting that the storm will make landfall around North and South Carolina as a Category 3 or 4 hurricane on Thursday or Friday.
The Weather Channel says that Florence "is likely to lash the East Coast later this week with life-threatening storm surge, destructive winds and massive inland rainfall flooding in one of the strongest strikes on this part of the East Coast on record."
Winds in the storm have been clocked as high as 130 mph Monday after registering at just 75 mph 24 hours ago.
Investors are hunkering down and taking refuge in companies that could potentially benefit from the storm's potentially destructive effects.
Boston Fed Chair Advocates Raising Interest Rates Quarterly
Eric Rosengren, president of the Federal Reserve Bank of Boston, advocates the central bank continuing its current pace of raising its benchmark interest rate quarterly.
Rosengren said that raising rates at quarterly intervals would make the increases closer to a neutral level that would neither spur nor slow growth, in a Wall Street Journal interview.
Bitcoin is Rising In Spite of SEC Action Against Cryptos
The U.S. Securities and Exchange Commission has suspended the trading of bitcoin and ethereum securities due to questions about the nature of the cryptocurrencies. But, the price of bitcoin is not suffering Monday, rising 1.17% to $6,311.
Securities Bitcoin Tracker One and Ether Tracker One were given a suspension notice by the SEC Monday saying, "The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities."
Trading is suspended until just before midnight on September 20. In the meantime, brokers and dealers can engage in the liquidation of owned positions, the SEC stated.
Snap Falls as Chief Strategy Officer Exits
Snap Inc. (SNAP) shares are down 1% in morning trading Monday after Imran Khan, the company's chief strategy officer, told the company that he will be departing.
"Imran has been a great partner building our business," Snap CEO Evan Spiegel said in the SEC filing. "We appreciate all of his hard work and wish him the best."
Khan joined Snapchat in 2015 ahead of the company's initial public offering last year. Snap said that Khan's departure was "not related to any disagreement with us on any matter."
Google to Argue Against Global Privacy Rules in front of EU
Alphabet's (GOOGL) Google subsidiary will appeal a European Union order to extend the bloc's "right to be forgotten" data privacy law to its search engines across the world, saying that the order oversteps the EU's boundaries.
"Right to be forgotten" allows people to request the removal of search engine results that include personal information from searches for their own names. In 2015, France's privacy regulator extended the EU law to all of Google's websites, no matter where they are accessed.
Google argues that the EU is extending its reach to countries where it has no say in data privacy laws.
U.S. futures are rising across the board Monday as markets look to shake off fears of war repercussions.
Dow futures were climbing 0.35%, indicating an open 90 points higher, while S&P futures gained 0.38%, indicating an open 11 points higher, and Nasdaq futures gained 0.56%, indicating an open 42 points higher.
Asian markets were mixed, with the Shanghai Composite and Hang Seng dropping 1.21% and 1.34% respectively, while the Nikkei rose 0.3%.
In Europe, the CAC, DAX, and FTSE 100 rose 0.49%, 0.4%, and 0.35% respectively with about four hours left in trading across the Atlantic.