Housing weakness woes drive US stock indexes down

(Reuters) - U.S. stocks slid on Tuesday as the subprime mortgage crisis escalated, undermining banking shares, while Home Depot Inc. and other housing-related companies lowered their outlooks.

Standard & Poor's roiled financial markets when it said it may cut ratings on $12 billion of subprime-related debt on forecasts of more delinquent and defaulted U.S. home loans.


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Canadian Stocks May Decline on Home Depot Forecast, Higher Interest Rates

(Bloomberg) -- Canadian stocks may fall for the first
time in four days, after Home Depot Inc. said profit will fall and
the Bank of Canada raised borrowing costs, signs that a slowing
housing market, higher interest rates and a soaring Canadian dollar
may hurt earnings.

Exporters of raw-materials including First Quantum Minerals
Ltd. may decline after U.S. based Home Depot, the world's largest
home improvement retailer, said earnings will drop between 15
percent and 18 percent in the fiscal year through Feb. 3, more than
a previous forecast of a 9 percent decline.


Read more at Bloomberg Stocks News

U.S. Stock Futures Fall on Rising Oil, Mortgage Concern; Citigroup Slips

(Bloomberg) -- U.S. stock-index futures fell after
oil approached $70 a barrel and concern spread that losses in
mortgage securities will reduce profits at financial firms.

Citigroup Inc., American International Group Inc. and
JPMorgan Chase & Co. declined in Europe. Home Depot Inc., the
largest home-improvement chain, and Nokia Oyj, the biggest
mobile-phone maker, slipped after analysts cut their
recommendations on the shares.


Read more at Bloomberg Stocks News