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Baby, it’s cold outside.

Winter Storm Stella arrived early Tuesday, prompting flight cancellations, school closures and officials to declare state of emergencies along the US mid-Atlantic and northeast coast.

Although New York City appeared to be spared the worst, with only 4-6 inches of snow expected across the city (compared to the 12-18 inches that forecasters were predicting yesterday), other regions in the northeast could still get as much as two feet of snow, according to the National Weather Service.

FlightAware, which tracks flight cancellations, said that 5,515 flights within, into or out of the US have been called off for today while another 2,022 are experiencing delays.

In New York City, the above-ground portions of the subway system have been shut down and Governor Andrew Cuomo has declared a state of emergency for all 62 counties in New York.

Ahead of the bell, stock futures are pointing to a weaker opening for the three major indices, with Dow Jones Industrial Average, S&P 500 and the Nasdaq Composite all set to start the day around 0.3 per cent lower.

Treasuries got a break from the recent selling, with the yield on the 10-year note down 2.2 basis points at 2.6 per cent.

Copyright The Financial Times Limited 2017. All rights reserved.
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