US stocks struggling to gain traction during early trade, Harvey in focus
Major US equity indices witnessed a mixed opening on Monday as investors continue to assess the extent of damage caused by Hurricane Harvey.
Shares of energy companies would remain in focus as the non-Tropical Storm worsened conditions in the country's energy hub - the coast of Texas, which roughly hosts nearly 30% of the US refining capacity.
Although the full impact is yet to be determined, experts believe that the effect would be felt globally and would also drive energy markets over many weeks to come.
During the opening hour of trade, the Dow Jones Industrial Average was down around 10-points to 21,803, while the broader S&P 500 Index treaded water around 2,445. Meanwhile, tech-heavy Nasdaq Composite Index climbed over 6-points to 6,272.
On the economic data front, the advanced trade gap in goods widened more than expected to $65.1 billion in July but went largely unnoticed as investors look forward to this week's important US macro releases, including the GDP revision and the keenly watched monthly jobs report.
Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
