**Stormy Weather Ahead: Gulf Coast Braces for Devastating Hurricane**
A powerful Category 5 hurricane, dubbed Hurricane Milton, is barreling towards the densely populated Tampa Bay area, prompting mass evacuations and widespread disruptions to businesses and daily life. With landfall expected Wednesday night, the storm is projected to bring catastrophic winds and torrential rains, putting over 2.8% of the US GDP at risk.
The economic impact is already being felt, with AccuWeather warning of potential losses exceeding $200 billion. Air travel has been severely disrupted, with over 1,000 flights canceled and major airlines such as Delta, American Airlines, Southwest, and United issuing waivers for affected customers. Meanwhile, fuel terminals and gas stations have shut down, leading to widespread fuel shortages.
Several companies have suspended operations, including Kinder Morgan, which closed its Tampa area terminals and pipelines. Theme parks like Disney, Universal Orlando Resort, and SeaWorld Orlando will also be closed, with Disney estimating a potential earnings impact of up to $200 million. Retailers like Target and Kohl’s have temporarily shuttered stores in the storm’s path.
In other news, the DOJ is considering breaking up Google to end its monopoly, while Boeing has withdrawn its contract offer due to an FAA-flagged issue with its 737s. Nvidia has unveiled a revolutionary AI technology, and Cerebras may delay its IPO amid a national security review.
Markets are mixed, with Asian indices showing a decline, while European markets are steady. Futures are indicating a flat opening, with crude oil prices dipping and gold prices rising. The ten-year Treasury yield has edged up to 4.03%.
Today’s economic calendar is packed, with key events including MBA Mortgage Applications, Fed speeches, and the release of FOMC minutes. Companies reporting earnings today include several major players in various sectors.
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