However, with gasoline futures up in anticipation of reduced supply and higher prices, shares of refiners were on the rise: CVR Energy soared 4.6 percent and Marathon Petroleum rose 1.6 percent while Valero Energy Corp rose 1.1 percent.
"What it tells you is a slight risk-off trade".
S&P 500 e-minis were up 3.75 points, or 0.15 percent, with 128,391 contracts traded.
"There tends to be initially a knee-jerk reaction and people react to the human side and the energy disruption, but that eases soon", said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis, of the market's reaction to the major storm and its aftermath.
Harvey has knocked out a quarter of oil production from the Gulf of Mexico, prompting fears it could overturn years of excess USA oil capacity and low prices.
The October crude contract shed $1.30 to US$46.57 per barrel while the December bullion contract climbed $17.40 to US$1,315.30 an ounce.
USA economic growth had more than halved in the quarter after Hurricane Katrina mauled Louisiana in August 2005.
Anadarko Petroleum Corporation (NYSE:AEUA) Traded -5.2% Below Its 50 Day Average
Turning to Anadarko Petroleum Corporation (NYSE:APC), its shares were trading at $42.36 a retreat of $-0.29, on the trading floor. The firm owned 69,379 shares of the oil and gas development company's stock after selling 3,850 shares during the period.
Coast Guard provides updates, photos on Texas flood efforts
Two Coast Guard helicopters flew to the offshore supply ship after plans to get a tugboat to tow the vessel did not work. Forecasters are expecting about 50 inches of rain to fall on the Houston area before Tropical Storm Harvey burns out.
How José Mourinho Took a Risk by Rebuilding Manchester United
United have enjoyed a ideal start to the new term, winning three from three, scoring 10 and not conceding in the process. Romelu Lukaku and Nemanja Matic, two of the three new signings, have slotted right into the XI.
But other sectors, such as home improvement chains, were expected to benefit: Home Depot shares climbed nearly 1.2% and Lowe's was up 0.6%.
At 10:56 a.m. ET (1456 GMT), the Dow Jones Industrial Average was down 9.76 points, or 0.04 percent, at 21,803.91, the S&P 500 was up 2.74 points, or 0.11 percent, at 2,445.79. The Nasdaq Composite added 20.40 points, or 0.33 percent, to 6,286.05.
Shares of Kite Pharmaceuticals soared 28.94 percent after Gilead Sciences agreed to buy the immunotherapy developer in an all-cash deal valued at $11.9 billion.
Oil majors Exxon XOM.N and Chevron CVX.N were down 0.3 percent and 0.4 percent respectively.
Some of the heaviest declines were seen at insurance companies: The Travelers Co fell nearly 2.6%, while Progressive Corp dropped 2.25%. Volume was 6.1 million versus the daily average of 1.77 million shares.
Advancing issues outnumbered decliners on the NYSE by 1,717 to 790. On the Nasdaq, 1,387 issues rose and 1,282 fell.