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Another hurricane batters U.S. markets

U.S. stock futures pointed toward a flat-to-lower market open on Thursday as top-strength Hurricane Rita continued its slow march toward the Texas coast, prompting oil companies to evacuate their rigs in the Gulf of Mexico and sending crude prices near $68 a barrel. The U.S. economy has already seen recent downturns as a result of the aftermath of Hurricane Katrina, which battered southern Louisiana, Mississippi and Alabama, flooding out New Orleans and severely affecting U.S. imports from oil to other, general products. S&P 500 futures were down 0.9 points, but remained a hair above their fair value, a mathematical model that evaluates their pricing by taking into account interest rates, dividends and time to expiration on the contract. Hurricane Rita was expected to make landfall late Saturday afternoon, meaning that observers will be unable to gauge market reaction until two days later.