CORRECTED-US STOCKS-Wall St to open modestly lower but set to end May higher

viernes 30 de mayo de 2014 09:30 GYT

(Clarifies second paragraph, second sentence, to say consumer prices increased, not spending)

* Consumer spending dips; inflation below target but rising

* Big Lots shares jump after results

* Futures off: Dow 14 pts, S&P 2 pt, Nasdaq 3 pt

By Rodrigo Campos

NEW YORK, May 30 (Reuters) - U.S. stocks were set to open slightly lower on the last trading session of the month on Friday, following another record close for the S&P 500 a day earlier, as data showed consumer spending fell for the first time in a year in April.

* Spending slipped 0.1 percent after rising by a revised 1.0 percent in March, which was the largest gain since August 2009. Separate data showed consumer prices increased 0.2 percent last month after rising by the same margin in March, lifting the 12-month total to 1.6 percent - still below the Federal Reserve's 2 percent target but the largest such gain since November 2012.

* Futures indicate a small decline in major indexes at the open, which would leave the S&P and Dow industrials poised to close their four month of gains in a row. The Nasdaq Composite could close its first positive month in three.

* The Chicago Purchasing Managers Index for May is expected shortly after the market opens, and at 9:55 a.m. (1355 GMT), the Thomson Reuters/University of Michigan May reading on consumer sentiment is due.   Continuación...