NEW YORK (CNN/Money) - Wall Street set a somber tone for Wednesday's trading by delaying the opening bell for 90 minutes in honor of lost friends and colleagues on the first anniversary of the worst terror attack against the United States.

The markets will open at 11 a.m. ET to allow participation in the memorial services at Ground Zero, a short distance from the New York Stock Exchange.

The futures are less of a prognosticator than usual because they stop trading nearly two hours before the delayed starting time. When futures trading ended at 9:15 a.m. ET, However, around 8:45 a.m. ET, stock futures indicated a positive start for the major indexes.

Pre-market trading on U.S. equities on Instinet and Island ECN is also delayed until 10:50 a.m. ET.

Market watchers say investors are likely to shy away from trading in observance of the solemnity of the occasion.

"The futures are higher this morning because the markets don't really see anything happening. If nothing happens we'll probably get a relief rally," said Tony Dwyer, chief market strategist with Kirlin Securities. "Today is a day of reflection for everybody. It's also a shortened trading day, so volume is expected to be light."

For details of Tuesday's market activity, click above

One year ago, at 8:46 a.m. ET, the markets were prepared to open higher. Nokia, the world's No. 1 cellphone maker, had said third-quarter earnings would meet estimates, presenting a more positive outlook than rival Motorola had a week earlier.

But that all changed once the first jetliner struck the north tower of the World Trade Center in New York. The markets would not open again until Sept. 17, six days after the attack.

In general, those markets have retreated. The Dow Jones industrial average starts the day at 8.602.61, 1,000 points below the Sept. 10, 2001 close. The Nasdaq composite index is at 1,320,09, down about 375 points.

The indexes managed to rally Tuesday, as investors shook off a heightened terror alert to focus on some positive forecasts, particularly in the auto sector (see chart).

New York Gov. George Pataki, New York City Mayor Michael Bloomberg, former Mayor Rudolph Giuliani, SEC Chairman Harvey Pitt and representatives from New York City fire, police and other city departments will ring the opening bell on Wall Street.

The New York Stock Exchange will observe 2 minutes of silence prior to the start of trading.

Asia-Pacific stocks finished mostly higher Wednesday, with Tokyo's Nikkei index up 1 percent. European markets edged up in early trade.

Treasury prices fell in early trading, sending the 10-year note yield up to 4.07 percent from 4 percent late Tuesday. The dollar was hit a month-high against but was unchanged versus the euro.

Brent oil futures gained 4 cents to $28.69 a barrel in London, hovering just below 52-week highs amid anxiety over possible war against Iraq. Gold slipped in early trading.

Late in the shortened stock trading session, the Federal Reserve will issue its "beige book," a survey of economic conditions throughout the nation. The report will be considered by Fed policy makers when they meet Sept. 24 to discuss interest rates.

Shares of Martha Stewart Living Omnimedia (MSO: Research, Estimates) will be in focus Wednesday. They were up $1.30 to $9.05 Tuesday after a House committee turned its insider trading probe of CEO Martha Stewart over to the Justice Department. Attorneys for Stewart, who faces questions about her sale ofImClone Systems (IMCL: Research, Estimates) stock prior to government rejection of a cancer drug, welcomed the panel's action. They said it will take politics out of the case and leave the probe of the home decorating expert to professional law enforcers.

Merrill Lynch increased its third-quarter revenue and earnings estimates for cellphone maker Nokia (NOK: Research, Estimates), and upped its estimate for the full year 2002, a day after the Finnish company lowered its sales targets for the current quarter but reaffirmed its third-quarter profit forecast. Morgan Stanley also raised its earnings and price targets on the stock. U.S. shares of Nokia fell 31 cents to $13.87 in trading Tuesday.

In other corporate news, diversified manufacturer Tyco International (TYC: Research, Estimates) named David FitzPatrick chief financial officer, replacing Mark Swartz who resigned from the company last month. Tyco shares rose 40 cents to $15.90 Tuesday.