Hurricane Florence, a strengthening Category 4 hurricane in the Atlantic Ocean, is projected to make landfall somewhere along the U.S. east coast later in the week. The storm could become “one of the strongest strikes on this part of the East Coast on record,” according to a report from The Weather Channel.
By noon on Monday, the storm had maximum sustained winds of 130 mph and was moving west at 13 mph, according to data from the National Oceanic and Atmospheric Administration (NOAA).
In response to the impending storm, companies like Home Depot, Lowes, and Wal-Mart all boasted gains early Monday morning as people in Florence’s projected path scramble to buy building supplies and emergency rations. Generac Power Systems, a generator manufacturer headquartered in Wisconsin, saw a 5.7 percent gain on Monday as well, and roofing company Beacon jumped 7.3 percent, according to a report from CNBC.
While the impending storm boosted some industries, the insurance sector fell across the board, with Allstate and Travelers each dropping about 2 percent. Progressive saw about a one and a half percent drop as did Chubb LTD, a “high-end real estate insurer.”