By Edward Krudy NEW YORK (Reuters) - U.S. stocks index futures fell on Friday on expectations China would raise interest rates, hitting commodity prices and sending the local stock market into a tailspin. * China stocks fell 5.2 percent on Friday for their biggest percentage loss in over a year, while global commodities tumbled on speculation the central bank is about to raise interest rates to tackle inflation. For details, see * "The macro today is the thing that is going to rule," said Kim Caughey, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. "China in the past year, whenever they've raised interest rates, it has hit the market." * Resource-related stocks were likely to take the brunt of selling as crude oil CLc1 dropped almost $2 a barrel to near $86, while copper CMCU3 fell around 2 percent. In early trading, Exxon Mobil Corp XOM.N fell 1 percent, while Freeport-McMoRan Copper & Gold Inc FCX.N was off 2.3 percent. * S&P...
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