By Lynn Thomasson
Nov. 12 (Bloomberg) -- U.S. stock-index futures retreated, indicating equities will post a third day of declines, as falling oil and metal prices dragged down commodity producers.
Standard & Poor's 500 Index futures expiring in December fell 0.2 percent to 891.10 at 7:58 a.m. in New York. Dow Jones Industrial Average futures retreated 35 points, or 0.4 percent, to 8,602.
Exxon Mobil Corp., the biggest U.S. energy company, fell 0.2 percent to $72.50. Crude oil slumped 1.7 percent to $58.33 a barrel in New York. General Motors Corp. rallied 9.9 percent to $3.21 after House Speaker Nancy Pelosi urged Congress to support the auto industry, rejecting calls to let the country's largest carmaker collapse.
The S&P 500 has dropped 39 percent this year on concern the credit crisis sparked by a surge in U.S. mortgage defaults will drag down the global economy. President-elect Barack Obama may inherit the worst U.S. downturn in three decades, according to economists surveyed by Bloomberg News.
The benchmark for U.S. stocks yesterday fell for a second day as a deteriorating outlook for American industry and oil's drop signaled the economic slump may deepen.
To contact the reporter on this story: Lynn Thomasson in New York at lthomasson@bloomberg.net.
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