Wall Street was looking at a weak open on Friday, a day after the market logged its best gain in three months, as investors await data that will shed light on consumer sentiment and Midwest business activity.
Futures had trimmed losses after data showed consumer spending fell in September for the first time in five months, but was in line with market expectations.
The final reading of the consumer sentiment index for October is due at 9:55 a.m. EDT (1355 GMT). As well, the Chicago Purchasing Managers Index for October will be released at 9:45 a.m. (1345 GMT)
Stocks rallied Thursday after the government said the U.S. economy returned to growth in the third quarter, brightening the outlook for profits. But analysts noted the economy still faces headwinds.
The optimism of this market is hanging by a thread. It can be cut any minute, said Todd Schoenberger, managing director at Landcolt Trading in San Antonio.
S&P 500 futures slipped 4.6 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 3.50 points.
On the earnings front, NYSE Euronext
Shares of McAfee Inc
Novatel Wireless Inc
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.
(Additional reporting by Richard Leong; editing by Jeffrey Benkoe)