Wall Street is only slightly adjusting estimates for how the economy will fare to reflect the impact of Hurricane Ida.

Why it matters: The muted national economic impact that’s been penciled in doesn’t capture the human cost of the historic storm: millions displaced or without power as Southeast residents now brace for flash flooding.

What’s new: The storm could cause a 0.2% drag on GDP, weighed down by “higher energy prices, supply chain disruptions and extensive property damage,” per a new report by RSM chief economist Joseph Brusuelas.

• Moody’s will likely scale back its quarterly GDP forecast by a minimal amount, AP reports — but that would be made up for as rebuilding takes place.

What to watch: How long production remains offline for energy companies with major hubs along the Gulf Coast may impact gas prices.

• Of note: Futures for natural gas — used for electricity generation — spiked in the wake of the storm.
• Some 94% of average natural gas production in the region was shut down as of midday today, Reuters reports.

Any labor market impact would show up in the government's jobs report out in October.

• But jobless claims data next week could show an uptick of people filing for unemployment insurance in the region.

The big picture: The financial toll isn’t estimated to be nearly as dire as that of Hurricane Katrina.

• Analysts expect insured losses to be roughly one-tenth of the $90 billion-plus from Katrina, given Ida’s “wind field is smaller than Katrina’s, which likely narrows the area of catastrophic damage,” AP reports.

With the Supreme Court striking down the Biden administration’s nationwide eviction ban, hope for behind-on-rent tenants largely comes down to states.

• Just six — plus D.C. — have a moratorium in place, with varying degrees of protection and sporadic expiration dates.

Of note: Distribution of the federal aid provided to states is trickling out at a snail-like pace, as we reported last week.

🎮 Shares of China-based gaming platforms NetEase and Tencent dropped after regulators there forbid minors from gaming online for more than three hours per week. (Reuters)

📈 PayPal (+4%) is reportedly exploring ways to let users trade stocks on its platform. (CNBC)

Courtesy of Axios’ Kia Kokalitcheva…

Who: Elizabeth Holmes, founder and former CEO of Theranos.

When: Jury selection begins tomorrow, with time allotted on Tuesdays, Wednesdays and Fridays through mid-December. Opening statements are expected on Sept. 8.

Where: U.S. District Court in San Jose, California.

Headline: Holmes has been charged with two counts of conspiracy to commit wire fraud and 10 counts of wire fraud.

What they’re saying: Prosecutors allege that investors were falsely told Theranos’ technology could perform a large number of tests even though Holmes and former Theranos president Ramesh "Sunny" Balwani knew there were problems with accuracy and reliability. They also allegedly conjured contracts and gave investors inaccurate revenue information.

• Prosecutors also allege that between 2013 and 2016, patients were misled to believe that Theranos’ tests were fast, reliable and accurate.

The other side: Holmes is likely to blame Balwani and argue that he was psychologically abusive to her during their relationship, according to newly unsealed court documents.

What to watch: Holmes is expected to take the stand, those documents show.

Go deeper.

Goldman Sachs CEO David Solomon has something to add to your playlist.

What’s new: The DJ/producer known on the electronic dance scene as DJ D-Sol, has dropped his latest track “Dreaming.”

• Described as “the summertime groove” (even though summer is basically over), the banker and music maker released the single, which features SMBDY, on his own label Payback Records.
• Listen on Spotify here.

1 good thing: Payback partnered with Big Beat/Atlantic Records to direct proceeds to organizations providing basic necessities to front-line health care workers helping battle the pandemic.

"[Warren Buffett] understands that his legacy is going to be appraised not only on what he did the first 50 years but what he did the last five he’s in charge."