U.S. stock-index futures declined, indicating equities will fall for a second day, as data showed consumer prices were little changed while weaker manufacturing in the euro area and China added to signs of a deepening global economic slowdown. Futures on the Standard & Poor’s 500 Index (SPX) expiring in December dropped 0.4 percent to 2,038.6 at 8:39 a.m. in New York. Dow Jones Industrial Average contracts fell 70 points, or 0.4 percent, to 17,587. “PMI weakness in the euro area and China are raising concerns about global growth,� said Patrick Spencer, head of U.S. equity sales at Robert W. Baird & Co. in London. “We have manufacturing PMI today in the U.S. Given the global growth scares people are worried about that number.� Stocks fell from records yesterday as minutes from the Federal Reserve showed some policy makers were concerned inflation isn’t rising fast enough. Inflation has stagnated despite a strengthening of main labor-market indicators. Policy makers last month “pointed to a somewhat weaker economic outlook and increased downside risks in Europe, China, and Japan,� in addition to a stronger dollar. Data today showed the cost of living in the U.S. was little changed in October, reflecting a drop in energy prices that has yet to filter through to other goods and services. No change in the consumer-price index followed a 0.1 percent gain the prior month. The median forecast of 84 economists surveyed by Bloomberg called for a 0.1 percent drop. Excluding volatile food and fuel, the so-called core measure rose 0.2 percent, the most in five months. Jobless Claims Other data showed fewer Americans filed for unemployment benefits last week as the need to retain staff keeps firings at the lowest levels in more than a decade. A report at 9:45 a.m. in Washington may show a measure of U.S. factory output increased in November, according to economist forecasts. The pace of existing-home sales probably slowed in October, economists predicted before a report due at 10 a.m. In data overseas, a purchasing managers’ index for factories and services activity in the euro area unexpectedly dropped in November, to the lowest level in 16 months, London-based Markit Economics said today. In China, a factory gauge fell to a six-month low this month. The S&P 500 and the Dow have rallied to records as better-than-forecast earnings and data boosted speculation that the economy is strong enough to overcome a global slowdown. The benchmark index has rebounded 10 percent from a six-month low in October and is trading at 17 times the projected earnings of its members, the highest multiple since 2009. Earnings Reports Dollar Tree Inc., Best Buy Co. and Gap Inc. are among companies posting results today. Of the S&P 500 companies that have reported this earnings season, 79 percent beat profit estimates and 60 percent surpassed revenue projections, according to data compiled by Bloomberg. Salesforce.com Inc. (CRM) dropped 3.2 percent to $59.08. The company estimated fiscal fourth-quarter sales and profit, and 2016 revenue, that may miss analysts’ projections amid a slowdown in corporate spending on the company’s software and services. Keurig Green Mountain fell 2.4 percent to $150.30 after forecasting first-quarter earnings per diluted share of no higher than 88 cents amid pressure on gross margins. That compares with analyst estimates of 96 cents. GoPro Inc. (GPRO) slid 6.7 percent to $73.80. The sports-camera maker priced a secondary share offering at about 11 percent lower than the previous day’s close. Best Buy (BBY) jumped 8 percent to $38.40. The world’s largest electronics chain beat third-quarter profit estimates after demand for televisions and tablets helped the retailer post a surprise sales gain. To contact the reporter on this story: Jonathan Morgan in Frankfurt at jmorgan157@bloomberg.net To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net; Jeff Sutherland at jsutherlan13@bloomberg.net Jeff Sutherland, Alan Soughley

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