* April PCE rises 0.2 pct vs fall of 0.2 pct in March
* April consumer spending biggest increase in four months
* CardConnect jumps - First Data to buy company for $750 mln
Futures down: Dow 28 pts, S&P 4 pts, Nasdaq 6.25 pts
(Adds details, comment, updates prices)
By Tanya Agrawal
May 30 U.S. stocks looked set to open slightly
lower on Tuesday after a three-day holiday weekend as investors
assessed a barrage of economic data for clues regarding the
health of the economy.
While stocks are trading at record levels, helped by strong
first-quarter corporate earnings, investors are keeping an eye
on economic data as well as political developments in
Data showed U.S. consumer spending recorded its biggest
increase in four months in April and monthly inflation
rebounded, pointing to firming domestic demand early in the
The personal consumption expenditures (PCE) price index
rebounded 0.2 percent in April, reversing March's 0.2 percent
drop. The core PCE price index, which is the Fed's preferred
inflation measure, increased 1.5 percent in the 12 months
through April. The central bank has a 2 percent target.
The U.S. Conference Board is likely to report that its
consumer confidence index was little changed in May.
"We are expecting confidence to slip as the political
turmoil in Washington weighs. Nonetheless, the confidence index
is expected to stay within its upper range," Peter Cardillo,
chief market economist at First Standard Financial, wrote in a
note. "We look for a mixed session as the macro news is
Dow e-minis were down 28 points, or 0.13 percent,
with 35,902 contracts changing hands at 8:42 a.m. ET (1242 GMT).
S&P 500 e-minis were down 4 points, or 0.17 percent,
with 202,748 contracts traded.
Nasdaq 100 e-minis were down 6.25 points, or 0.11
percent, on volume of 45,522 contracts.
Oil prices were lower, pressured by concerns that production
cuts by the world's big exporters may not be enough to drain a
global glut that has depressed the market for almost three
CardConnect's shares jumped 11 percent to $15.15 in
premarket trading after First Data agreed to buy the
payment processor for $750 million. First Data slipped 0.2
Protagonist Therapeutics soared 46 percent to $12
after the drug developer signed a collaboration with Johnson &
Johnson to develop a drug for inflammatory bowel
disease. Johnson & Johnson was little changed at $127.
(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)