Stocks finished the day mixed as insurers weighed on the Dow and pharma M&A and tech led the Nasdaq. The Dow index finished Monday slightly down. The S&P closed down after flirting with the green all day. And the Nasdaq finished Monday up to snap a three-day losing streak.
West Texas Intermediate crude oil futures for October delivery had one of their worst daily performances this month, trading down as much as 3% intraday. Futures settled down 2.7% at $46.57 per barrel. Tropical Storm Harvey had a bigger impact on refining capacity than it did on oil supply, which drove gasoline strength and oil weakness. Gasoline futures finished the day up 2.8%.
Whole Foods Market (WFM) started slashing prices today as Amazon's (AMZN) acquisition begins to take hold. At one midtown Manhattan location, some product prices were cut as much as 43% in a spot check. Amazon said late last week it planned to complete its $13.7 billion Whole Foods acquisition today.
Apple (AAPL) has announced a product launch for September 12. The company is expected to release its hotly anticipated iPhone 8 during the event two weeks from Tuesday. Apple has historically released a new product about ten days after announcing it, meaning this rendition of the iPhone could be available as soon as summer is over.