US stocks futures lower after spending data

U.S. stocks are heading toward a modestly lower open after the government reported that personal spending and incomes jumped last month, as taxpayers started receiving stimulus checks.

Stock futures are paring their losses after the Commerce Department said spending rose 0.8 percent in May, more than expected. Friday's report also said personal incomes surged 1.9 percent, significantly more than expected.

The data appeared to provide a bit of solace to investors nervous about rising costs, falling home values and the shaky job market.

Dow Jones industrial average futures fell about 10 points to 11,458. Stock futures had been even lower earlier Friday after oil surpassed $142 a barrel.

The Dow dropped 358 points Thursday.

(Agencies)