US STOCKS-Wall St to open lower after warning on Spain debt

* Moody’s warns on Spain credit rating

* Manufacturing activity in New York rebounds in December

* U.S. consumer prices rise mildly in November

* Futures off: S&P 4 pts, Dow 17 pts, Nasdaq 5 pts

* For up-to-the-minute market news see [STXNEWS/US]

(Updates with CPI, industrial production data)

By Angela Moon

NEW YORK, Dec 15 (BestGrowthStock) – Wall Street was set for a
lower open on Wednesday after a warning for Spain about its
credit rating rekindled fears about the euro-zone debt crisis.

Futures fell after Moody’s said it could downgrade Spain’s
debt, but the losses were trimmed after U.S. data showed
manufacturing activity rebounded in New York state after
falling sharply in prior month. For details, see
[ID:nLDE6BE110] [ID:nN15125680]

“Manufacturing was favorable. Manufacturing is holding up
well. Stocks should still be supported after modest declines,”
said Steve Goldman, market strategist at Weeden & Co in
Greenwich, Connecticut.

Other data showed U.S. consumer prices rose slightly less
than expected in November, while prices excluding food and
energy edged up for the first time since July, implying
virtually no inflation pressures amid an anemic recovery.
[ID:nN15126834]

S&P 500 futures (SPc2: ) were down 4 points and below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures (DJc2: ) fell 17
points, while Nasdaq 100 futures (NDc2: ) fell 5 points.

Wall Street ended mostly flat on Tuesday on a late-day
sell-off after another cautious assessment on the strength of
the economy from the U.S. Federal Reserve.

The S&P 500 is up more than 7 percent from a year ago but
bullish sentiment continued to rise among financial advisers
surveyed in the weekly Investors’ Intelligence poll.

The percentage of financial advisers who are bullish on the
stock market rose to 56.8 percent, up from 56.2 percent last
week. The percentage of bearish investors fell to 20.5 percent
from 21.3 percent last week, according to the poll.

“The current above-55 percent (bullish) reading makes it
risky to take on many new positions, with a strong likelihood
that the rally is nearing a top,” Investors’ Intelligence said
in a note to clients.

Federal Reserve data on Wednesday showed U.S. industrial
output rose 0.4 percent in November, its biggest gain since
July and the latest sign of a firmer end to the year for the
world’s largest economy.

Novartis AG (NOVN.VX: ) (NVS.N: ) has wrapped up its
long-awaited buyout of the remainder of U.S.-listed Alcon Inc
(ACL.N: ) it didn’t own. [ID:nLDE6BE045]

U.S.-traded shares of Novartis rose 7.9 percent to $60.26,
and Alcon gained 2.1 percent to $165.88 in premarket.
(Editing by Padraic Cassidy)

US STOCKS-Wall St to open lower after warning on Spain debt