* Wal-Mart, Home Depot quarterly earnings top estimates
* China fears pressure commods, Ireland still in focus
* Producer prices unexpectedly fall in October
* Futures off: Dow 59 pts, S&P 5.5 pts, Nasdaq 10.5 pts (Updates with consumer prices)
By Ryan Vlastelica
NEW YORK, Nov 16 (Reuters) - U.S. stock index futures pointed to a lower open on Tuesday on continued concerns that China could raise interest rates, though strong results at Wal-Mart helped limit losses.
Chinese shares sank nearly 4 percent to a one-month low on reports that China will unveil food price controls and crack down on speculation in agricultural commodities to contain inflationary pressure.
"If China raises rates, that would be bearish for the market in the short term and cap gains, especially in the commodities and oil space," said Jay Suskind, senior vice president at Duncan-Williams in Jersey City, New Jersey.
Crude oil lost 1.4 percent and gold fell to near its lowest point in nearly two weeks, while the U.S. dollar <.DXY> ticked slightly higher.
Dow component Wal-Mart Stores Inc posted higher quarterly profit and raised its earnings forecast, sending the stock up 1 percent to $54.50 in premarket trading.
Home Depot Inc's quarterly earnings and revenues topped expectations and raised its full-year profit view but cut its sales growth outlook. Shares of the Dow component rose 0.7 percent to $31.60 before the bell.
"Wal-Mart raising its outlook speaks to what they see consumers doing, so this is very positive," Suskind said. "Home Depot is more correlated to the housing market, so it may not strengthen until that market stabilizes more."
In the latest economic data, U.S. core producer prices unexpectedly fell in October in their largest decline in more than four years, underscoring the U.S. Federal Reserve's concerns about the low inflation environment.
S&P 500 futures fell 5.5 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 sank 59 points, and Nasdaq 100 futures lost 10.5 points.
Shares in Europe fell 1.2 percent ahead of a meeting of euro zone finance ministers, who will try to find a way to end Ireland's debt crisis but Dublin resisted pressure to seek a bailout.
Abercrombie & Fitch Co's quarterly profit topped estimates, expectations, led by strong international demand. The stock rose 1.8 percent to $46.16 in premarket trading.
Other economic data due later include industrial production for October and the National Association of Home Builders (NAHB) survey for November. Industrial output is forecast to rise 0.3 percent versus a fall of 0.2 percent last month, and the NAHB survey is seen at 17, compared with 16 last month.
General Motors increased the size of its convertible preferred stock offering by $1 billion and confirmed it would increase the price range for its much-anticipated initial public offering to between $32 and $33 per share.
U.S. stocks slipped Monday as concerns that the U.S. Federal Reserve may scale back efforts to stimulate the economy muted optimism over takeover activity.