US STOCKS-Futures dip after best day in 3 months

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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.

NYSE Euronext (NYX.N)(NYX.PA) said it is selling a significant equity interest in its derivatives exchange NYSE Liffe U.S., and reported a drop in earnings. Its shares were up 1.5 percent at $28 in light premarket trading.

Shares of McAfee Inc (MFE.N) shed 3 percent to $42.50 the day after the security software maker reported revenue that missed estimates as sales grew at their slowest rate in nearly two years. 

Novatel Wireless Inc (NVTL.O) tumbled 18 percent to $10 after it warned sales of its mobile wi-fi product would be flat to lower.

S&P 500 futures SPc1 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 DJc1 lost 41 points, while Nasdaq futures NDc1 dipped 4.5 points.

Among overseas firms reporting results, telecommunications gear maker Alcatel-Lucent SA (ALUA.PA) posted its 12th straight quarterly loss, while Sony Corp (6758.T)(SNE.N) posted a loss for the fourth consecutive quarter. But the company trimmed its full-year loss forecast close to market expectations.

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 Oct. 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.

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