US STOCKS-Wall St set to open lower after two-day rally
* July consumer spending picks up slightly
* Major U.S. indexes set to end the week higher
* Freeport-McMoran jumps after Icahn discloses stake
* Futures down: Dow 101 pts, S&P 12 pts, Nasdaq 24 pts (Adds details, comment, updates prices)
By Tanya Agrawal
Aug 28 (Reuters) - U.S. stocks were set to open lower on Friday, following a two-day market rally, as investors took a breather heading into the weekend after a hair-raising ride for global markets in the past few days.
Wall Street logged its biggest two-day gain since the financial crisis on Thursday on strong U.S. economic data and hints that a September interest-rate hike was unlikely.
The three major U.S. indexes looked set to end the week higher despite the market's cumulative 10 percent drop in the first two days of the week amid fears of a slowdown in China.
"A lot of investors are looking for markets to calm down and are rebalancing their portfolios before going into the weekend," said Jeff Carbone, co-founder and managing partner of Cornerstone Financial Partners. Continuación...