U.S. stock index futures dipped on Friday, a day after the market logged its best percentage gain in three months, as investors await data that will shed light on consumer sentiment.
The day's economic agenda includes the Commerce Department's September personal income and consumption data at 8:30 a.m. EDT (1230 GMT) as well as the final reading of consumer sentiment for October, due at 9:55 a.m. (1355 GMT)
Stocks rallied Thursday after data showed the U.S. economy returned to growth in the third quarter, brightening the outlook for profits.
I don't think it's surprising that the market looks slightly lower following what was a pretty powerful rally yesterday, said Rick Meckler, president of LibertyView Capital Management in New York.
Investors are reacting to economic and earnings reports that show the recession has bottomed, but now the focus is shifting to some kind of sustainable economic growth.
Shares of McAfee Inc
Novatel Wireless Inc
S&P 500 futures slipped 4 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 lost 41 points, while Nasdaq futures dipped 4.5 points.
Among overseas firms reporting results, telecommunications gear maker Alcatel-Lucent SA
The S&P 500 is up 57.6 percent from its 12-year closing low on March 9, but is off 2.9 percent from its post-March peak reached on October 19.
Going into the final trading day of the month, the S&P 500 is up nearly 1 percent for October. If the index is unable to hold onto the month's gains, it will snap a seven-month winning streak.
(Editing by Jeffrey Benkoe)