U.S. stock-index futures fell as investors speculated that an 11 percent rally on the Standard & Poor’s 500 Index since July has outpaced the prospects for economic growth. Adobe Systems Inc. slumped 15 percent after the maker of graphic-design software forecast sales that trailed estimates, citing slower demand from back-to-school shoppers and Japanese buyers. PMC-Sierra Inc. sank 4.7 percent as the chipmaker reduced its third-quarter sales estimate to a figure that is below the average analyst forecast. Futures on the S&P 500 expiring in December fell 0.2 percent to 1,132.7 as of 10:32 a.m. in London. The S&P 500 yesterday slipped from a four-month high after the Federal Reserve said the central bank is willing to ease monetary policy further to spur growth and support prices while refraining from expanding its holdings of securities. Dow Jones Industrial Average futures sank 0.2 percent to 10,676 today, while Nasdaq- 100 Index futures retreated 0.2 percent to 1,982. “They are telling us that the economy doesn’t have to get much worse to have more quantitative easing,” said Philip Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels. “It’s a ripe environment for some profit taking and this is a logical reaction to an overbought condition.” Stall Recovery The S&P 500 has surged 11 percent from this year’s low reached July 2 as concern eased that American unemployment, which is near the highest since the 1980s, and less spending from indebted European nations would stall the global economic recovery. The gauge has gained 2.2 percent so far this year, leaving it 6.4 percent below its peak for 2010. President Barack Obama is contending with widespread opposition at home and mostly approval abroad among investors in a global poll reflecting divergent perspectives on the business climate from the U.S. to Europe and Asia. More than three- quarters of U.S. investors view Obama as anti-business and are pessimistic about his policies, while a majority outside the U.S. holds a more favorable view, a Bloomberg survey shows. Adobe tumbled 15 percent to $27.87 in German trading. Fourth-quarter revenue will be $950 million to $1 billion, the company said yesterday in a statement. Analysts surveyed by Bloomberg had projected sales of $1.03 billion on average for the period, which lasts through November. PMC-Sierra lost 4.7 percent to $7.42. The chipmaker reduced its third-quarter sales forecast, saying it expects $163 million at most. That trails the average analyst estimate of $173.5 million in a Bloomberg survey. To contact the reporter on this story: Adam Haigh in London at ahaigh1@bloomberg.net. To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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