The market-related factors of Hurricane Harvey are impossible to estimate but construction and rebuilding will be major projects in the area for at least several years ahead. Fortunately the ‘eye’ of Harvey missed densely-populated cities, while much like its namesake (Harvey the Rabbit); the storm is bouncing around in such an odd manner, that NOAA radar has tracks taking it in every direction. That means it’s oscillating and lingering basically and remains a flood threat for some days to come. Most of the damage will be from water, not wind as you know and that’s where the long-term rebuilding aspects will occur. 

More immediate will be concern for gasoline supplies. Texas and Louisiana are the bulk of the normal domestic refining capacity; and the duration of their full or partial shutdowns will determine not just prices but whether all the presumptions about the crack spread misses the economic point. 
 

In sum, nothing has changed with respect to market patterns beyond that I have outlined for the S&P, and the overall market, in recent days. I explore the Fed remarks and ECB’s Draghi comments a bit in the main video.