US STOCK-Index futures drop after Cisco outlook, G20 eyed

* Cisco shares slide after dismal outlook

* Commodity prices rebound

* Futures off: S&P 6.2 pts, Dow 53 pts, Nasdaq 19.5 pts * For up-to-the-minute market news see [STXNEWS/US] (Updates market activity)

By Edward Krudy

NEW YORK, Nov 11 (Reuters) - U.S. stock index futures fell on Thursday after a dismal outlook from Cisco Systems, while world leaders struggled to find common ground at the G20 summit amid concerns growing protectionism will hurt global trade.

Cisco Systems Inc's revenue forecasts fell far short of expectations, a blow at the end of a stronger-than-expected earnings season, underscoring the risks a still-weak economy poses to corporate profits. Cisco shares fell 16.4 percent to $20.47 in premarket trading. For details, see [ID:nN10245398]

"Cisco is pushing the tech component down in premarket trade," said Peter Cardillo, chief market economist at Avalon Partners. "Obviously it is weighing on the market."

Group of 20 leaders tried to agree on meaningful action to rebuild the global economy as a crisis erupted in Ireland, pushing out its bond spreads. The euro fell, a potential headwind for equities that have shown a strong correlation to the single currency in recent weeks. [ID:nN10121378]

Investors are worried about criticism from other nations, especially China, that the U.S. Federal Reserve's latest asset purchases amount to devaluing the dollar. They are concerned the spat has escalated into a currency war as countries try to secure the competitiveness of their exports by manipulating their currencies lower.

S&P 500 futures declined 6.2 points and were 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 fell 53 points, and Nasdaq 100 futures dipped 19.5 points.

The stock market has stalled this week after a run-up in stock prices over the last two months that has driven up the S&P 500 more than 16 percent. Equities have been volatile in the absence of catalysts to drive prices, often taking their cue from the currency market.

Trading volume could be light as U.S. government offices and the bond market are closed for the U.S. Veterans Day holiday.

In one bright spot, a rebound in commodity prices looked set to help natural resource stocks. Shares in Freeport-McMoRan Copper & Gold Inc rose 0.3 percent to $104.70 premarket.

Copper hit a record high, while oil reached a 25-month high as strong industrial output sent demand in China to a record and a surplus subsided in top consumer the United States. [ID:nTOE6AA03C] (Reporting by Edward Krudy; editing by Jeffrey Benkoe)