* Cash equity markets closed due to storm
* Revenues from U.S. companies disappoint
* Futures down: Dow 92 pts, S&P 9.2 pts, Nasdaq 22.25 pts
By Edward Krudy
NEW YORK, Oct 29 (Reuters) - U.S. stock index futures fell
on Monday as a huge and potentially damaging hurricane was
expected to hit the U.S. East Coast later in the day, and
traders eyed renewed uncertainty in Europe that hit bonds in
peripheral euro zone nations.
All U.S. stock markets will be closed on Monday and possibly
Tuesday, the operator of the New York Stock Exchange said late
on Sunday, reversing an earlier plan that would have kept
electronic trading going on Monday.
Hurricane Sandy, a mammoth storm menacing the East Coast,
took aim at the most densely populated U.S. region on Monday,
forcing hundreds of thousands to seek higher ground, halting
public transport and closing schools, businesses and government
Italian political turmoil and Spanish hesitancy over
seeking euro zone assistance put the two countries on the front
line of the currency area's debt crisis back under market
pressure on Monday as their leaders met in Madrid.
"We have an illiquid market, we have a risk-off situation
from overseas and we have some issues going on in the States
with Sandy, so that is impacting things a little more than
expected," said David Lutz, managing director of trading, Stifel
Nicolaus Capital Markets, Baltimore.
Lutz was tracking markets from his home in Annapolis, a
coastal town near Washington D.C. that is expected to escape the
worst of the storm surge as Sandy makes landfall further north.
"I do have a lot of customers that are still in whether
they're in New York City or overseas," he said. "I think a fair
amount of people are probably logging in from home just because
at this point in time there's a lot of information gathering for
us U.S. traders," he said.
S&P 500 futures fell 9.2 points and were below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures fell 92
points and Nasdaq 100 futures fell 22.25 points.
Spanish and Italian bond yields rose and German Bund futures
hit two-week highs on Monday, partly prompted by former Italian
Prime Minister Silvio Berlusconi's threat to bring down the Rome
Greece's foreign lenders have refused to make any further
concessions on changes to labor laws contested by a junior
coalition partner, the country's finance minister said on
Sunday, prolonging an impasse on a crucial austerity package.
Athens has been locked in talks with its EU and IMF lenders
on the austerity package for months, but a final agreement has
been held up by the small Democratic Left party's refusal to
back the new wage laws.
Lighter revenues have been a concern this earnings season.
Just 36.9 percent of S&P 500 companies so far have reported
revenue that beat forecasts, compared with the 62 percent that
typically exceed expectations, according to Thomson Reuters data
as of Friday.
Stocks slid last week, following a series of weak results,
especially from U.S. multinational companies. For the week, the
Dow fell 1.8 percent, the S&P 500 lost 1.5 percent and the
Nasdaq dropped 0.6 percent.
The S&P 500 index is off nearly 4 percent since a peak in
September and the index has fallen below its 50-day moving
average, a closely watched momentum indicator. Some analysts are
now looking to the 100-day moving average as the next area of
support at 1,396.8. The index closed at 1,411.94 on Friday.
European shares fell for the first time in four sessions on
Monday, hit by worries over weak company results. The
FTSEurofirst 300 index fell 0.5 percent to 1,091.43
points and the euro zone's blue-chip Euro STOXX 50 index
fell 1 percent to 2,471.62 points.