Hurricane Sandy is already proving to be a storm of historic proportions: For the first time in nearly three decades, U.S. stock and options markets will be closed due to the weather. Bond markets will close early at noon E.T. Additionally, many companies have postponed their earnings announcements until after the storm—including Pfizer Inc. (PFE). As the storm is expected to affect New York City well into Tuesday, it’s still up in the air whether we may have two consecutive days of halted trading.
(Interestingly enough, the government still released its personal income data today—inflation-adjusted income climbed 0.4% in September, below the 0.5% consensus, while consumer spending rose 0.8%, higher than the 0.5% consensus.)
With estimates putting hurricane-related damage at a billion or more, the uncertainty of the looming storm has weighed down stock futures. To my readers in the Mid-Atlantic and New England, I hope you’re comfortably hunkered down for the next few days. As for me, I’ll check in later once trading resumes with updates on what to expect post Sandy as well as the latest earnings and economic news.