NEW YORK (CNN/Money) -
U.S. stocks seesawed early Friday, a day ahead of the Memorial Day holiday weekend, despite a solid reading of personal spending.
Within five minutes after the opening bell, Dow Jones industrial average (down 10.57 to 10194.63, Charts), Nasdaq composite (down 2.93 to 1981.57, Charts) and Standard & Poor's 500 (down 1.26 to 1120.02, Charts) drifted slightly lower.
In economic news, personal spending rose 0.3 percent in April following a revised 0.5 percent gain in March, while personal income moved 0.6 percent higher after a 0.4 percent March rise.
Consumer spending is closely watched since it fuels two-thirds of the nation's economy.
Also due Friday, the latest readings on consumer confidence and manufacturing in the Midwest. The University of Michigan survey of consumer confidence is expected to come in unchanged at 94.2 in its final May reading, according to Briefing.com's forecast.
The Chicago PMI number, based on a survey of purchasing managers in the Chicago area, is expected to slip to 62.0 from 63.9 in April. Still, a reading above 50.0 reflects growth in the sector.
On the move
Novellus Systems (NVLS: Research, Estimates) raised late Thursday its second-quarter estimates on stronger demand in Asia and the United States.
Discount carrier Southwest Airlines (LUV: unchanged at $15.66, Research, Estimates) announced it is offering voluntary buyout packages to most of its employees as the industry struggles with high fuel prices. This is Southwest's first layoff in the history of its business.
Treasury prices eased, with the benchmark 10-year note falling 1/8 of a point to yield 4.61 percent versus 4.60 percent late Thursday. Bond prices and yields move in opposite directions.
The dollar gained some ground against the euro but weakened versus the euro early Thursday.
In the commodities market, COMEX gold was little changed at $396.10 an ounce. Brent crude rose 20 cents to $36.45 a barrel in London.
European markets were down in afternoon trading there, but Asian markets rallied for a third straight session.
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