  We formulate and prove a {\it Local Stable Manifold Theorem\/} for stochastic
differential equations (sde's) that are driven by spatial Kunita-type
semimartingales with stationary ergodic increments. Both Stratonovich and
It\^o-type equations are treated. Starting with the existence of a stochastic
flow for a sde, we introduce the notion of a hyperbolic stationary trajectory.
We prove the existence of invariant random stable and unstable manifolds in the
neighborhood of the hyperbolic stationary solution. For Stratonovich sde's, the
stable and unstable manifolds are dynamically characterized using forward and
backward solutions of the anticipating sde. The proof of the stable manifold
theorem is based on Ruelle-Oseledec multiplicative ergodic theory.
