By Daniela Silberstein Nov. 17 (Bloomberg) -- U.S. stock-index futures declined, after the Standard & Poor’s 500 Index climbed to a 13-month high yesterday, as a drop in commodity prices overshadowed speculation industrial production rose in October. Barrick Gold Corp., the world’s largest producer of the precious metal, retreated with gold prices. SunPower Corp. sank 7.5 percent after saying a review of some accounting entries appeared to contain errors. Home Depot Inc. advanced 0.9 percent after third-quarter profit beat analyst estimates. Futures on the S&P 500 expiring next month declined 0.4 percent to 1,102.40 at 7:26 a.m. in New York. Dow Jones Industrial Average futures lost 0.3 percent to 10,336. Nasdaq- 100 Index futures retreated 0.3 percent to 1,797.50. European and Asian shares fell. U.S. stocks rallied yesterday, sending benchmark indexes to 13-month highs, and commodities gained as retail sales rebounded and Asian government leaders pledged to maintain economic stimulus spending. The S&P 500 has jumped 64 percent from a 12- year low in March as a four-quarter contraction in the world’s largest economy ended. “After yesterday a bit of a breather is healthy for the market,” said Peter Braendle, who helps oversee about $50 billion at Swisscanto Asset Management in Zurich. “As long as third-quarter profits are okay there is trust in equities but the question is what will happen next year.” Barrick Gold fell 1.8 percent to $43.21 in Germany. Newmont Mining Corp., the largest U.S. gold producer, dropped 1.7 percent to $51.48. Gold declined as some investors opted to lock in gains after the precious metal rose to an all-time high of $1,143.60 an ounce yesterday. SunPower Declines SunPower lost 7.5 percent to $25.18. Based on an internal review of its Philippine manufacturing operations, the company found unsubstantiated accounting entries made in the first three quarters of this year, and that results may need to be restated, the second-biggest U.S. supplier of solar modules said. Home Depot gained 0.9 percent to $27.90. The largest U.S. home-improvement retailer posted third-quarter profit that exceeded some analysts’ estimates after cutting expenses, and boosted its annual profit forecast. Net income dropped 8.9 percent to $689 million, or 41 cents a share, in the three months ended Nov. 1 from $756 million, or 45 cents, a year earlier. Analysts projected profit of 36 cents, the average of 27 estimates compiled by Bloomberg. Topped Estimates Per-share earnings have topped estimates at 367 of the 442 S&P 500 companies that have released third quarter earnings, a record in Bloomberg data going back to 1993, even as profits slumped for a record ninth straight quarter. Retailers Saks Inc. and Target Corp. are among companies scheduled to report earnings today. Hess Corp. rose 1.2 percent to $58.31. The fifth-biggest U.S. oil company was raised to “buy” from “neutral” at UBS, which cited the company’s “attractive relative valuation, strong oil price leverage, and large exploration potential.” Industrial production in the U.S. probably gained for a fourth consecutive month in October, signaling manufacturing is leading the rebound in the world’s largest economy, economists said before reports today. Output at factories, mines and utilities climbed 0.4 percent following an increase of 0.7 percent in September, according to the median forecast of 75 economists surveyed by Bloomberg News. Capacity utilization probably rose for a fourth month after reaching a historic low in June. Separately, a report from the Labor Department at 8:30 a.m. may show prices paid to producers rose 0.5 percent in October, reflecting higher food and fuel costs, according to the median forecast of economists surveyed by Bloomberg. From a year earlier, producer prices probably fell 1.8 percent. To contact the reporter on this story: Daniela Silberstein in Zurich at dsilberstei2@bloomberg.net.

Source