By Julie Cruz Nov. 19 (Bloomberg) -- U.S. stock-index futures fell, indicating the Standard & Poor’s 500 Index may extend its drop from a 13-month high, as lower oil and metal prices weighed on commodity producers. Alcoa Inc., the largest U.S. aluminum maker, Barrick Gold Corp. and ConocoPhillips all retreated in German trading as copper, gold and crude dropped. NetApp Inc. rallied 3.8 percent on higher-than-estimated earnings. Futures on the S&P 500 expiring next month slipped 0.6 percent to 1,102 at 10:19 a.m. in London. Dow Jones Industrial Average futures fell 0.5 percent to 10,353. Nasdaq-100 Index futures lost 0.5 percent to 1,791.25. 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. The eight-month rally has pushed valuations to more than 22 times its companies’ reported earnings, the highest level since 2002, weekly data compiled by Bloomberg show. “The skeptics on the economy are the winners of the day,” said Robert Halver, head of research at Baader Bank in Frankfurt. “We need more good economic data, though there is still pressure to invest in equities. We will see consolidation but not a correction.” U.S. stocks slipped yesterday, pulling the S&P 500 down from a 13-month high, as technology companies dropped after profit forecasts at Autodesk Inc. and Salesforce.com Inc. trailed some analyst estimates. Metals, Crude Alcoa declined 1 percent to $13.62 as aluminum, copper, lead, nickel and tin all retreated in London. Barrick, the world’s biggest gold producer, slid 1.1 percent to $43.28 with bullion prices. ConocoPhillips, the third-largest U.S. oil company, slipped 0.4 percent to $53.36 as crude fell for the first time in four days. Schlumberger Ltd., the world’s biggest oilfield-services provider, lost 1.4 percent to $65.76 in France. NetApp surged 3.8 percent to $30.75 in Germany after the maker of storage computers for companies such as Oracle Corp. reported a second-quarter adjusted profit of 37 cents a share. Analysts in a Bloomberg survey estimated a profit of 30 cents a share on average. Limited Brands Inc. gained as much as 3.2 percent to $18.85 in New York after-hours trading as the owner of the Victoria’s Secret chain reported a third-quarter profit and boosted its annual earnings forecast. Earnings, Economy Watch Per-share earnings topped estimates at 80 percent of S&P 500 companies that have released third-quarter earnings, a record for a full quarter in Bloomberg data going back to 1993, even as profits slumped for a ninth straight quarter. The index of U.S. leading indicators probably rose for a seventh month in October, signaling the economy will keep growing into next year, economists said before a report today. The Conference Board’s gauge of the outlook for the next three to six months rose 0.4 percent after climbing 1 percent in September, according to the median forecast of 58 economists surveyed by Bloomberg News. Separate data may show manufacturing accelerated in the Philadelphia region this month. To contact the reporter on this story: Julie Cruz in Frankfurt at jcruz6@bloomberg.net.

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