North American stocks may open lower Tuesday following yesterday’s selloff, and a sharp drop in orders for U.S. durable goods.

In today’s economic news, U.S. durable-goods orders reversed course and took their sharpest fall in six years during October, declining 8.3%, dragged down by lower demand for airplanes and capital goods.

Durable-goods orders last month fell to a seasonally adjusted US$209.97 billion, the U.S. Commerce Department said today. Durables had jumped by 8.7% in September, revised from a previous estimated 8.3% increase. Durables were flat during August and down by 2.8% in July.

A key barometer of business equipment spending — orders for nondefense capital goods excluding aircraft — decreased by 5.1%, after rising 3.2% in September.

The 8.3% decline in overall durable goods orders surprised Wall Street. Economists had forecast durables 5% lower during October. It was the biggest drop since 14% in July 2000.

Data on October existing-home sales in the United States. are due are due at 10:00 ET.

Also due are reports on November consumer confidence and a manufacturing survey from the Richmond Federal Reserve.

As well, investors will be paying close attention to a speech from Federal Reserve Chairman Ben Bernanke. Bernanke is scheduled to speak at 12:30 ET.

The Canadian dollar opened at US88.44¢, up 0.12 of a cent.

In M&A news, Spanish power company Iberdrola agreed to acquire Scottish Power in a friendly £11.6 billion bid ($22.48 billion). The deal is expected to jump-start the long-awaited consolidation in the European power sector/

In earnings news, Palm cut its earnings forecast, citing a delay in rolling out its Treo 750 handheld device in the U.S.

In other business news, Stephen Delaney has resigned as chief executive of Celestica Inc., leaving the Toronto-based electronics manufacturer that he has headed since early 2004. Delaney is being replaced by Craig Muhlhauser, who joined Celestica in May 2005 and has been its president, with specific responsibility for worldwide sales and business development.

TransAlta Corp. (TSX:TA) said late Monday it will stop coal mining in Centralia, Wash., and write down part of the value of a nearby power plant in moves that will cut about 600 jobs and produce up to $250 million in special charges on the power producer’s books. TransAlta said it will take an after-tax charge of about $150.

Overseas, European stocks were flat to lower in late-morning trading.

Asian stock markets also lost ground on Tuesday. The Hang Seng in Hong Kong tumbled 2.9%, while the Nikkei 225 in Tokyo lost a more modest 0.2%.

Toronto stocks fell Monday, as energy stocks fell despite a higher price for crude oil and as financials lost ahead of bank earning reporting season, which begins tomorrow. U.S. markets fell even deeper, as investors returned from the Thanksgiving holiday in a selling mood.

The S&P/TSX composite index fell 88.63 points, or 0.70%, to 12,542.45.

Seven of the 10 TSX main sub-groups were down, with the energy index off 0.75%.

The S&P TSX Venture composite index moved up 11.53 points, or 0.42%, to 2,748.41.

In New York, markets fell on negative corporate reports, reversing some of the recent gains made over the last several weeks.

The Dow Jones industrial average sank 158.38 points, or 1.3%, to 12,121.79, the S&P 500 fell 19.05 points, or 1.4%, to 1,381.95 and Nasdaq composite index lost 54.34 points, or 2.2%, to 2,405.92.