(Corrects in 2nd paragraph to say 15 orders were canceled, not 30)
U.S. stock index futures pointed to a weak open on Friday with investors set to take profits after a gain of more than 2 percent in the previous session.
Dow component Boeing Co
The S&P 500 index <.SPX> is likely to fall to between 830 and 875 through September, given its virtually uninterrupted rise since its March lows, J.P. Morgan Securities said, urging investors to use the correction to build positions in cyclical stocks. [ID:nBNG531242]. The index ended Thursday at 920.26.
The broad S&P had rallied as much as 40 percent from March's 12-year low, but the run-up has stalled as initial optimism about a stabilizing economy has been overtaken by worries the recovery could be tepid.
Data on tap for the day includes a report on personal income due at 8:30 a.m. EDT (1230 GMT) and consumer sentiment at 9:55 a.m. (1355 GMT).
S&P 500 futures eased 2.60 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 slipped 18 points, and Nasdaq 100 futures were off 4.25 points.
Stocks could also be buffeted by end-of-quarter window dressing as portfolio managers sell stocks with big losses and buy some of the quarter's best-performing stocks to help improve their returns.
On Thursday, stocks rose on investor relief that Fed Chairman Ben Bernanke withstood a barrage of pointed questions from Congress on the Bank of America-Merrill Lynch
(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)