Stock markets set to reopen after two-day hiatus due to Sandy
Stock index futures rose on Wednesday ahead of what could be a volatile session's trading as Wall Street re-opens after a two-day closure following the ravages of Superstorm Sandy along the U.S. east coast.
Stocks moving in early trade include Ford Motor Co , which posted earnings reports during the closure and rose 1.9 percent to $10.56. Advanced Micro Devices rose 2.4 percent to $2.12, while Home Depot added 1.4 percent to $60.90
S&P 500 futures rose 9.4 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures added 65 points and Nasdaq 100 futures rose 14.25 points.
In the oil market the after-effects of Sandy were still being assessed, with reduced fuel demand expected and roads and airports remaining shut, even as refineries in the region slowly resumed operations.
"We may have a rapid return of supply, but the demand will be slower to recover," said Tony Nunan, a risk manager at Mitsubishi Corp.
Brent crude for December delivery was up 19 cents at $109.27, while U.S. crude for December rose 47 cents to $86.15, though it is on track for its biggest monthly loss since May.
Gold had inched up 0.1 percent to $1,711.01 an ounce, but it, too, is on course for its biggest one-month decline since May, with a monthly drop of more than 3 percent.
Millions of people across the U.S. Northeast stricken by Sandy will attempt to resume normal lives on Wednesday as companies, markets and airports reopen, despite grim projections of power and mass transit outages lasting several more days.