May 23 (Bloomberg) -- Dow Jones Industrial Average stocks trading in Europe declined, paced by Hewlett-Packard Co. and General Motors Corp. Stock-index futures were little changed after last week's advance, the biggest in six months.

``After last week's strong performance, you can expect investors to sit back a bit and wait to see if others are committed to putting more money back into stocks,'' said Philippe Gijsels, chief global market strategist at Fortis's private investment unit in Brussels, which manages $62 billion.

Gijsels said he favors buying shares of telecommunications, media and insurance companies, and selling automotive, resource and chemical stocks, without naming any.

Standard & Poor's 500 Index futures expiring in June added 0.7 to 1190.90 at 10:31 a.m. in London. Dow average futures were unchanged at 10,483. Nasdaq-100 Index futures lost 1.5 to 1529.

Campbell Soup Co., the world's biggest soup maker, is the only S&P 500 company expected to report earnings today.

Hewlett-Packard, the world's No. 2 seller of personal computers, lost 8 cents to $22.42 in Germany. General Motors, the largest automaker, fell 14 cents to $32.84. Twenty-five of the 29 Dow stocks trading in Europe declined.

Equities were boosted last week as crude oil slipped 3.8 percent in New York and the Labor Department said prices paid by consumers, excluding food and energy, failed to rise in April for the first time since November 2003.

Campbell, Teva

Campbell Soup, which also makes products including V8 vegetable juice and Godiva chocolates, may say sales growth slowed as commodity prices increased and it sought to pass on higher costs to customers, according to analysts surveyed by Thomson Financial. The stock didn't trade in Europe.

Teva Pharmaceutical Industries Ltd. fell 0.2 percent to $32.60 in Israel. The maker of generic drugs said this weekend that it was temporarily blocked by a U.S. court form introducing its version of Abbott Laboratories' antibiotic Biaxin.

Abbott Laboratories shares fell 20 cents to $48.68 in German trading.

The S&P 500 ended at 1189.28 on May 20, climbing 3.1 percent for the week. The Dow average increased 3.3 percent to 10,471.91. It was the biggest weekly gain since Nov. 5 for both indexes. The Nasdaq Composite Index added 3.5 percent to 2046.42.

To contact the reporter on this story: Margo Towie in Brussels at mtowie@bloomberg.net.

Last Updated: May 23, 2005 05:37 EDT