Wall Street looked set for a weak open on Friday with investors ready to take profits after stocks gained more than 2 percent in the previous session.

The latest data showed a rise in consumer spending and a surprising jump in personal income. Analysts said the data could suggest consumers are choosing to save rather than spend.

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.

Boeing fell 1.7 percent to $41.80 before the opening bell.

As investors try to assess the market's next move after a sharp bounce, J.P. Morgan Securities said 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.

The strategists also urged investors to use the correction to build positions in cyclical stocks. 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 tempered by worries the recovery could be tepid. The index is up about 36 percent from the March trough.

There was some buckling of the leadership (stocks) the past couple of weeks. We're up 12 out of 14 weeks so we may still spend some more time consolidating these recent gains, said Steve Goldman, market strategist at Weeden & Co in Greenwich, Connecticut.

S&P 500 futures eased 4.60 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 40 points, and Nasdaq 100 futures were off 8 points.

Data showed consumer spending rose in May, and personal income saw a larger than expected jump, as consumers spent stimulus money. Investors are keen for signs that consumers are weathering the recession.

Investors will get another look at the health of the consumer with a sentiment report due at 9:55 a.m. (1355 GMT).

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 11.9 percent to $15.69 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)

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