Cities across the Midwest are bracing for a major winter storm that is expected to hit cities including Chicago and Milwaukee with high winds and heavy snow.
The forecast for heavy snow along with strong winds will also create difficult driving conditions and drivers are being warned not to travel unless absolutely necessary.
Blizzard warnings are in effect for seven states and forecasters say the storm will be followed by an arctic air mass that will blanket the country over the three-day weekend.
It may be too late for many in the area to stock up on winter essentials, but it can serve as a reminder to make those purchases before the next winter onslaught.
Sales of hardware items like snow shovels and flashlights could help boost retailers such as Home goods store (NYSE:HD) and Lowe's Companies (NYSE:LOW) in the coming weeks, while sales of winter emergency car kits and snow tires could provide shares AutoZone (NYSE:AZO) some winter cheer.
Douglas Dynamics (NYSE:PLOW) could be a stock to watch if the winter turns particularly harsh. The company manufactures and installs snow plows and salt spreaders and is based in Milwaukee.
On the downside, it could be a time of heavy demands for insurers. Property damage from snow is not that common, but it is a time of high auto insurance claims. The SPDR S&P Insurance ETF (NYSE:KIE) is an exchange-traded fund that owns many of the leading insurers in the US
Also read: Airline stocks cleared for takeoff in 2024, but financial and consumer confidence clouds gather
Delays at major airports
Winter weather advisories are in place across the Plains and Midwest, and already many airports in the region are reporting significant delays. these include Chicago O'Hare International (ORD), General Milwaukee Mitchell International (MKE) and Green Bay Austin Straubel International (GRB).
Airlines have had a bad week after the incident a week ago when a “plug” door panel blew off a Alaska Airlines (NYSE:ALK) jet, forcing an emergency landing. Earlier on Friday, a united airlines (NASDAQ:UAL) flight made an emergency landing after a “door open” light came on.
Cancellations, weak sentiment and an uninspiring outlook for 2024 Delta Airlines (NYSE:DAL), saw the entire industry fall: shares of United fell 9.4%, Delta fell 8.2% and American Airlines (NYSE:AAL) lost 8.3%.
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