Nov. 22 (Bloomberg) -- U.S. stock-index futures fell on speculation further interest-rate increases and higher oil prices will sap consumer demand. Home Depot Inc., the world's largest home-improvement retailer, dropped in Europe.

``Risks remain on the consumer side,'' said Simon Clinch, a fund manager at F&C Asset Management in London, which oversees $4 billion in U.S. stocks. ``Interest rates will continue to rise, oil prices are going up, and that will crimp consumer spending.'' He declined to say which stocks he's buying now.

Wal-Mart Stores Inc., the world's biggest retailer, fell in Germany after being accused of hiring companies that employed illegal immigrants to clean its stores.

Standard & Poor's 500 Index futures expiring in December fell 2.1 to 1254.9 as of 12:10 p.m. in London. Dow Jones Industrial Average futures slipped 14 to 10,828. Nasdaq-100 Index futures declined 5 to 1686.5.

The S&P 500 has advanced 2.1 percent since Sept. 30, driven by higher than estimated earnings and optimism that the fourth quarter will produce a rally. Almost two-thirds of S&P companies have beaten profit forecasts, with all but 20 having reported third-quarter earnings.

Crude oil rose for a second day on expectations colder-than- normal weather in the U.S. will increase fuel use. Crude for January delivery rose as much as 30 cents, or 0.5 percent, to $58 a barrel in electronic trading on the New York Mercantile Exchange, and traded at $57.92 at 7:48 a.m. London time.

Earnings

Shares of Home Depot lost 46 cents to $41.82 in Germany.

Minutes from the Nov. 1 Federal Reserve meeting will be released in Washington at 2 p.m. today. The central bank raised its target interest rate at that meeting for a 12th straight time to 4 percent and said any further increases will be at a ``measured pace.''

Federal Reserve Bank of Chicago President Michael Moskow said yesterday that more interest-rate increases may be needed after the Fed's benchmark rate reaches a level that neither spurs nor restrains growth.

Wal-Mart dropped 14 cents to $49.48 in Germany. The company was accused in a lawsuit of knowingly hiring companies that employed illegal immigrants to clean Wal-Mart stores. Lawyers for a group of immigrant janitors suing Wal-Mart made the claims in an amended complaint filed in federal court in New Jersey yesterday.

``No company senior official had any direct knowledge that undocumented workers were working in our stores,'' Wal-Mart said in a statement yesterday.

At least five companies in the S&P 500 Index are scheduled to release earnings. Deere & Co., the world's largest maker of farm equipment, and HJ Heinz Co., the No. 1 ketchup maker, will report before the open of regular trading. Neither stock traded in Europe.

Chipmakers

Chipmakers including Texas Instruments Inc. slipped for a second day. Toshiba Corp. and Samsung Electronics Co. declined in Asia after Intel Corp. and Micron Technology Inc. started a venture to make chips for iPod music players and digital cameras.

Texas Instruments, the world's third-largest semiconductor maker, fell 12 cents to $31.68 in Germany. The venture between Intel and Micron is targeting the fastest-growing segment of the $17.3 billion market for flash memory.

Shares of Intel, the world's biggest computer-chip maker, fell 8 cents to $25.17. Micron, the fifth-biggest maker of Nand chips, rose 17 cents to $14.37.

Ford Motor Co., the second-biggest U.S. automaker, dropped 22 cents to $8.10 in France. Ford's credit unit may need to increase loan-loss provisions next year, as rising interest rates and energy costs cause some customers to default on their car payments, the Wall Street Journal said.

Johnson & Johnson

Johnson & Johnson, maker of the Ortho Evra contraceptive patch, dropped 24 cents to $61.75. The Wall Street Journal reported many U.S. physicians have stopped issuing prescriptions for the patch since the Food and Drug Administration warned this month of increased hormone exposure for women who use it. The patch is made by Johnson & Johnson's Ortho-McNeil Pharmaceutical arm, and more than 10 million prescriptions for it were issued last year, the newspaper said.

Halliburton Co., the biggest oil services company by revenue, rose 20 cents to $63.02 in Germany. Moody's Investors Service raised its rating on Halliburton's senior unsecured debt to Baa1 from Baa2 and said the outlook is stable.

Anheuser-Busch Cos. rose 15 cents to $43.60 in Germany. Berkshire Hathaway Inc., the insurance and investment company run by billionaire Warren Buffett, owned 44.7 million shares of the world's largest brewer as of Sept. 30, according to a regulatory filing today.

United Parcel Service Inc. rose 65 cents to $78.84. The world's largest package-delivery company was recommended by CNBC host Jim Cramer, on his ``Mad Money'' show. The delivery company will benefit from higher online sales because items ordered need to be shipped, he said.

The S&P 500 yesterday rose 0.5 percent to 1254.85, its highest since June 2001. The Nasdaq Composite Index added 0.7 percent to 2241.67. The Dow Jones Industrial Average added 0.5 percent to 10,820.28.

To contact the reporter on this story: Chris Fournier in Frankfurt at Cfournier3@bloomberg.net.

Last Updated: November 22, 2005 07:13 EST