Stock Futures Dip on Weak Consumer Spending Reading

By MarketsFOXBusiness

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U.S. stock-index futures slipped on Friday, with the S&P 500 poised to open slightly beneath record highs, as traders digested disappointing consumer spending data.

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Today's Markets

As of 8:35 a.m. ET, Dow Jones Industrial Average futures fell 19 points, or 0.11%, 16662, S&P 500 futures dipped 2.3 points, or 0.12%, to 1916 and Nasdaq 100 futures slipped 1.5 points, or 0.04%, 3734.

The broad S&P 500 has managed to move ever higher, striking new highs along the way. Despite low volume, the broad-market barometer has jumped 1.9% this month. Meanwhile, the tech-heavy Nasdaq has rallied 3.2%.

There are a handful of key economic reports on tap.

The Commerce Department reports consumer spending fell 0.1% in April, the first decline in a year, while Wall Street was expecting spending to rise 0.2%. Personal income, meanwhile, rose 0.3%, matching consensus estimates. A report later in the day is expected to show consumer sentiment edged up just slightly this month.

Consumers have been bouncing back after a harsh winter suppressed employment and activity.

A separate report is forecast to indicate the pace of acceleration in the Midwest manufacturing sector slowed down a little this month.

Elsewhere, U.S. stock-index futures fell 50 cents, or 0.48%, to $103.09 a barrel. Wholesale New York Harbor gasoline dipped 0.21% to $1,254 a troy ounce.

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