* Wal-Mart, Home Depot quarterly earnings top estimates
* China fears pressure commods, Ireland still in focus
* Futures off: Dow 62 pts, S&P 6.6 pts, Nasdaq 15.75 pts
* For up-to-the-minute market news see []
(Adds quote, updates prices)
By Ryan Vlastelica
NEW YORK, Nov 16 (Reuters) - U.S. stock index futures fell
on Tuesday on continued concerns over inflation risks in China
and sovereign debt woes in Europe.
Chinese shares sank to a one-month low on reports that
China will unveil food price controls and crack down on
speculation in agricultural commodities to contain inflationary
pressure. For details, see []
Crude oil lost 1.3 percent and gold fell to near its lowest
point in nearly two weeks, while the U.S. dollar <.DXY> ticked
modestly higher.
Shares in Europe fell 1.2 percent ahead of a meeting of
euro zone finance ministers, who will try to find a way to end
Ireland's debt crisis but Dublin resisted pressure to seek a
bailout. []
"There's a global concern that if Ireland needs aid, it
could become a domino effect with other countries," said Cort
Gwon, director of trading strategies and research at FBN
Securities in New York.
"Especially at such a sensitive time in the economy, to
have a setback in Europe could mean a setback for the rest of
the world, too."
Dow component Wal-Mart Stores Inc <WMT.N> posted higher
quarterly profit and raised its earnings forecast, but U.S.
same-store sales declined. The stock was up 1 percent to $54.50
in light premarket action. []
Home Depot Inc <HD.N> reported third-quarter earnings and
revenue that topped expectations. The Dow component also raised
its full-year profit view but cut its sales growth outlook.
Shares slid 9 cents to $31.30 before the bell. []
"Wal-Mart's raised estimates shows that the consumer is
still spending, which should lead to a stronger holiday season
and definitely help the economy," Gwon said. "But Home Depot's
cut sales outlook shows that with consumers focused on issues
like health care and taxes, there are some things they won't
spend as much on."
Abercrombie & Fitch Co <ANF.N> posted a third-quarter that
topped expectations in a positive sign going into the holiday
shopping season. TJX Cos Inc <TJX.N> is also on tap to report
later. []
S&P 500 futures <SPc1> fell 6.6 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 <DJc1> sank 62
points, and Nasdaq 100 futures <NDc1> lost 15.75 points.
Economic data due later Tuesday include the producer price
index for October, industrial production for October and the
National Association of Home Builders (NAHB) survey for
November. Core producer prices were seen up 2.1 percent,
compared with 1.6 percent last month, while industrial output
was forecast to rise 0.3 percent versus a fall of 0.2 percent
last month, and the NAHB survey was seen at 17, compared with
16 last month.
U.S. tax authorities withdrew a summons against UBS AG
<UBS.N><UBSN.VX> aimed at getting data on the bank's U.S.
clients, the Swiss government said, ending a dispute that had
threatened to bring the bank down. U.S.-listed UBS shares
closed Monday at $17.10. []
A day after Caterpillar Inc <CAT.N> announced a huge
acquisition proposal, Raymond James upgraded the stock to
"outperform" from "market perform." The Dow component closed at
$81.82 on Monday.
U.S. stocks slipped Monday as concerns that the U.S.
Federal Reserve may scale back efforts to stimulate the economy
muted optimism over takeover activity.
(Editing by Jeffrey Benkoe)
