Hurricane Sandy Closes Markets: Market Happenings For Monday, October 29, 2012

Premarket, futures are down. Actually, futures have now closed. Closing at 9:15 am Eastern, due to Hurricane Sandy.

The Market

Yep, U.S. stock markets are closed because of Hurricane Sandy. Markets haven’t been closed on weather reasons since September 1985 with Hurricane Gloria. Also, it’s looking like they won’t open until Wednesday.

Hurricane Sandy, which they are calling a “superstorm” is estimated to threaten as many as 60 million people, forcing the closing of schools, transit systems and cancellation of flights and train schedules. East coast refineries are also closing and will most likely raise area gas prices.

The national average price of gasoline is up five-tenths of a cent to $3.543 per gallon.

With the exchanges closed, CNBC is sending their people out into storm areas to report on the progress of Hurricane Sandy. Aren’t you glad you’re not a CNBC reporter?

Upcoming Dow Earnings Reports

PFE reports earnings 10/30/12 before the market open. Scheduled to anyway.

XOM reports earnings 11/01/12 before the market open.

CVX reports earnings 11/02/12 before the market open.

HD reports earnings 11/03/12 before the market open.

DIS reports earnings 11/08/12 after the market close.

CSCO reports earnings 11/13/12 after the market close.

WMT reports earnings 11/15/12 before the market open.

Earnings Reports

Earnings reports (estimates): BUDU-Baidu ($1.29), APC-Anadarko Petroleum (0.75), PCG-PG&E (0.88), L-Loews (0.72), AGNC-American Capital Agency (1.10), VRTX-Vertex Pharmaceuticals (0.34), LIFE-Life Technologies (0.89), CNA-CNA Financial (0.67), FMC-FMC Corp. (0.78), PCL-Plum Creek Timber (0.36), FLS-Flowserve (2.06), BWP-Boardwalk Pipeline Partners LP (0.27), UDR-UDR Inc. (-0.04), ACGL-Arch Capital Group Ltd. (0.79), HTZ-Hertz Global Holdings (0.61), OII-Oceaneering International (0.78), HLF-Herbalife (1.01), MAS-Masco (0.12), HRS-Harris (1.12), BKW-Burger King Worldwide (0.14), PRE-Partnerre (2.05), QGEN-Qiagen NV (0.25).

Financial Calendar

0830 ET Sep personal income expected +0.4%, Aug +0.1% m/m. Sep personal spending expected +0.6%, Aug +0.5% m/m.

0830 ET Sep PCE deflator expected +0.4% m/m and +1.6% y/y, Aug +0.4% m/m and +1.5% y/y. Sep core PCE deflator expected +0.1% m/m and +1.7% y/y, Aug +0.1% m/m and +1.6% y/y.

1030 ET Oct Dallas Fed manufacturing index expected 0.0, Sep -0.9.

1100 ET USDA weekly grain export inspections.

1130 ET Weekly 3-mo and 6-mo T-bill auctions.

1500 ET Treasury announces quarterly borrowing estimates.

1600 ET USDA Crop Progress.

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