Saudi Arabia has shut down half of its oil production after drones attacked the world's largest oil processing facility in the kingdom.Marketsread more
Yemen's Houthi rebels have claimed responsibility for the attacks, which created a huge fire at a processor essential to global energy supplies.Politicsread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Trailers have become a cult phenomenon. Even short teasers that reveal little about the plot of the upcoming film are headline-worthy. Blogs and forums have become devoted...Entertainmentread more
Thanks to the performance of Beyond Meat, investors who focus on venture-backed tech IPOs have done well this year despite some notable disappointments.Technologyread more
Software company Intuit, maker of tax helper TurboTax, is in its eleventh year of stock gains and up 36% this year.Investingread more
CNBC did a deep dive through the most recent Wall Street research to find stocks with upside potential.Marketsread more
Hurricane Harvey's deadly assault on Houston is likely to have a limited effect on the U.S. stock market, two of Wall Street's top strategists said.
In a note to clients Monday, John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, pointed out that losses from hurricanes Katrina and Sandy "were digested and discounted by the markets and the national economy relatively quickly."
"US equity markets have proven in the past to be resilient when facing damage done by hurricanes and other natural disasters. We expect them to respond similarly to the current storm," Stoltzfus said.
Harvey, a Category 4 hurricane that later weakened into a tropical storm, ravaged Houston and other parts of Texas this weekend. Some areas in the state were hit with more than 30 inches of rain.
Texas Gov. Greg Abbott activated the state's entire National Guard in response to the aftermath of the hurricane. Roughly 12,000 servicemen will be deployed to assist in ongoing search and rescue efforts.
Shares of insurance companies fell broadly, with Travelers Companies dragging the Dow Jones industrial average lower. The stock was also on track for its worst day of the year.
Refinery stocks, on the other hand, caught a bid from surging gasoline prices. RBOB gasoline futures for September delivery jumped as much as 6.8 percent on Monday. Gasoline prices shot up because of refinery shutdowns in the greater Houston area.
But the broader stock market traded mostly flat on Monday, with the S&P 500 alternating between gains and losses for most of the session.
In another note, Tobias Levkovich, chief U.S. equity strategist at Citigroup, said natural disasters usually have a small impact on the national economy.
"We understand the struggle that Texas will have to overcome but the GDP (and the S&P 500 EPS) impact will probably be far more minimal" than hurricanes Katrina and Sandy, Levkovich said. "Hurricane Katrina left a devastation wake with an estimated $160 billion cost ... while Hurricane Sandy was awful as well (estimated at $75 billion). Harvey has lacked a 'storm surge' thereby limiting its damage generation despite the deaths already incurred."
Levkovich added: "Without trying to diminish the devastating consequences of such weather, the stock market typically does not get roiled even when Sandy knocked out much of lower Manhattan in 2012."
—Reuters contributed to this report.