US shares mixed into close
Dow Jones down 23; S&P 500 off 1.05.
Biotech shares buoyed by Gilead deal
Wall Street shares are still mixed going into the close with the Dow Jones Industrial Index down around 23 points and the crude price lagging.
The broader based S&P 500 shed 1.05 at 2,442, while the tech heavy Nasdaq index gained almost 12 points at 6,277.
US crude, or West Texas Intermediate (WTI) - was down 2.34% to stand at $46.75 a barrel.
In Toronto, the S&P/TSX Composite Index is down over 13 points at 15,042.
The markets are still mulling what the effects of the disastrous Hurricane Harvey may be, while later this week the monthly job creation number is eyed.
On the S&P 500 the biggest loser was Expedia Inc (NYSE:EXPE), which shed 4.51% to $142.53.
It comes as taxi hailing app has chosen Dara Khosrowshahi, the chief executive of Expedia Inc, to be its new chief executive, according to reports.
MID-SESSION
US stocks are mainly lower at mid-session with US crude falling amid the Hurricane Harvey disaster.
The Dow Jones Industrial Index is down 33 at 21,779, while the broader based S&P 500 is off almost three points at 2,440.
The tech heavy Nasdaq index is however heading north - up 10.48 at 6,276.
US crude - West Texas Intermediate - is down 3.53% to stand at $46.20 a barrel.
Commentators suggest the hurricane, which has put thousands out of their homes, will have a big impact on the overall US economy and not a positive one, despite talk of rebuilding, restoration and the like.
On the benchmark S&P 500 index resource firms were the focus. Newmont Mining (NYSE:NEM) was top riser - up 3.6% to $38.32 a share as the gold price raced up beyond the $1,300 an ounce level.
Chesapeake Energy (NYSE:CHK) tanked 4.75% to $3.61 as US crude fell 3.38% to $46.25 a barrel.
Elsewhere, the junior biotech Juno Therapeutics Inc (NASDAQ: JUNO) shot up over 17% to $36 as it, like other biotechs, basked in the news from titan Gilead Sciences Inc (NASDAQ:GILD), up 2.52%.
Gilead is buying Kite Pharma (NASDAQ:KITE) (up over 28% on the day) at a near 30% premium to Friday's closing price of $139.10, which has sent investors scurrying around looking for the next possible M&A activity in the biotech space.
BREAKING: TX Gov activates ENTIRE 12,000 strong Texas National Guard for #HurricaneHarvey
— Ali Velshi (@AliVelshi) 28 August 2017
OPEN
US shares on Wall Street started Monday in mixed fashion ahead of what is a busy week on the data front and as Hurricane Harvey was still wreaking chaos.
Rain is still coming down in Texas which saw an unprecedented amount of rainfall in just two days.
READ - US crude futures hit amid Hurricane Harvey chaos but gasoline rises
In the state it is expected that the flooding has caused over 30,000 people in need of temporary shelters.
The majority of schools and both airports in the Houston metropolitan area are closed as well.
The eventual insured losses from the hurricane could be as much as 20 billion, making it one of the 10 most costly hurricanes to hit America, reckons JP Morgan reportedly.
The Dow Jones opened around 17 points lower, while the broader based S&P 500 added 0.78 at 2,444 and the tech heavy Nasdaq added 9.99 at 6,275.
In Toronto, the TSX is down over 44 points at 15,011. The London markets in the UK are closed due to a Bank Holiday there. In France and Germany, where equity markets are open, equities are in the red as the Euro gained ground.
Gold has strengthened above the $1,300 an ounce level as the US dollar eased after Janet Yellen's speech last week did little to provide clues on future policy.
A major catalyst this week on the horizon is the non-farm payroll figure for August.
In companies, Kite Pharma Inc (NASDAQ: KITE) gained over 28% to around $179 a share after it emerged that Gilead Sciences, Inc (NASDAQ:GILD) had announced plans to buy Kite for around $11.9bn.
A huge gainer was manufacturer UQM Technologies Inc (NYSE: UQM) which shot up over 11% to $0.94 as it trading after the company agreed to be acquired by China National Heavy Duty Truck Group.
BREAKING: Gilead to acquire @KitePharma, industry leader in emerging field of cell therapy, for $11.9 B in cash https://t.co/KAtiQS2rlT
— Gilead Sciences (@GileadSciences) 28 August 2017