(Corrects in 2nd paragraph to say 15 orders were canceled, not 30)

U.S. stock index futures pointed to a weak open on Friday with investors set to take profits after a gain of more than 2 percent in the previous session.

Dow component Boeing Co could weigh on the market after Australia's Qantas Airways Ltd canceled orders for 15 new Dreamliner planes and deferred orders for another 15 in a new blow to the project.

The S&P 500 index <.SPX> is likely to fall to between 830 and 875 through September, given its virtually uninterrupted rise since its March lows, J.P. Morgan Securities said, urging investors to use the correction to build positions in cyclical stocks. [ID:nBNG531242]. The index ended Thursday at 920.26.

The broad S&P had rallied as much as 40 percent from March's 12-year low, but the run-up has stalled as initial optimism about a stabilizing economy has been overtaken by worries the recovery could be tepid.

Data on tap for the day includes a report on personal income due at 8:30 a.m. EDT (1230 GMT) and consumer sentiment at 9:55 a.m. (1355 GMT).

S&P 500 futures eased 2.60 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 slipped 18 points, and Nasdaq 100 futures were off 4.25 points.

Palm Inc

could boost technology shares after it posted a narrower-than-expected loss and said demand was strong for its new Pre smartphone. Palm jumped 13.8 percent to $15.95 in premarket trade.

Stocks could also be buffeted by end-of-quarter window dressing as portfolio managers sell stocks with big losses and buy some of the quarter's best-performing stocks to help improve their returns.

On Thursday, stocks rose on investor relief that Fed Chairman Ben Bernanke withstood a barrage of pointed questions from Congress on the Bank of America-Merrill Lynch deal relatively unscathed. Retailer and home builder shares led markets higher for much of the session.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)

Australia Investment