By Elizabeth Stanton Nov. 14 (Bloomberg) -- U.S. stock futures fell after retail sales decreased in October by the most ever and Nokia Oyj said demand for mobile phones will be lower this year than previously projected. Nordstrom Inc., Kohl's Corp. and J.C. Penney Co. slid more than 4 percent each, indicating the Standard & Poor's 500 Index will pare yesterday's 6.9 percent rally, after the government said purchases at retailers declined 2.8 percent last month. Qualcomm Inc., the biggest maker of mobile-phone chips, slumped 3.8 percent after Nokia said the recession has reduced consumer spending. Futures on the S&P 500 expiring in December lost 15.1 points, or 1.7 percent, to 892.6 at 8:39 a.m. in New York. The benchmark index for U.S. equities has fallen 2.1 percent this week. Dow Jones Industrial Average futures decreased 132, or 1.5 percent, to 8,698. Nasdaq-100 Index futures slipped 1.5 percent to 1,215.75. The S&P 500 jumped the most in two weeks yesterday, including a 6 percent rally in the final hour of trading, as investors snapped up the cheapest energy shares on record and real-estate companies gained after CB Richard Ellis Inc. raised cash in a share sale. The S&P 500 has slumped 38 percent in 2008 as credit- related losses and writedowns at banks, brokerages and insurers worldwide topped $950 billion in the worst financial crisis since the Great Depression, pushing the global economy toward a recession. Earnings at companies in the S&P 500 that have reported third-quarter results dropped 17 percent on average, according to Bloomberg data. Companies from Best Buy Co. to Intel Corp. have cut forecasts this week. Analysts expect an 8.5 percent decline in full-year profits, estimates compiled by Bloomberg show. At 10 a.m., the Reuters/University of Michigan preliminary November consumer sentiment index is projected to decline to 56.2, the lowest level since 1980. To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net.

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