The Gulf coast is still reeling from the devastation caused by Hurricane Harvey.

Historically, major hurricanes don't have much of an impact on the stock market, according to Sam Stovall, chief investment strategist at CFRA Research. So far, the markets barely reacted to Hurricane Harvey in recent trading sessions. 

In fact, Stovall's data shows the market actually rises 4.5% in the six months after a storm. 

Stovall said the hurricane can be good for building stocks and various insurance stocks, which have a reason to raise rates following the storm. 

He favors the industrials sector in equities for September.

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