Stocks set to step back
Investors brace for readings on consumer spending and sentiment.
NEW YORK (CNNMoney.com) -- U.S. stocks were poised to pull back at Friday's open as investors caught their breath after the previous session's rally and awaited the latest measures on the health of the consumer.
S&P 500, Nasdaq-100 and Dow Jones industrial average futures were lower.
Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.
Ken Goldstein, economist at The Conference Board, a non-profit business organization, said the decline in futures is a knee-jerk to the bold rally on Thursday.
"I think this is a 48-hour swing," said Goldstein. "I think it's just simply a reaction [to yesterday.]"
Wall Street surged Thursday, lifted by a stronger-than-expected reading on their-quarter gross domestic product.
The Dow surged 2% -- its biggest one-day percentage gain since July 15. The S&P 500 soared 2.3% and the Nasdaq added 1.8%.
Economy: Investors will take in a wave of economic reports on Friday, including readings on personal income and spending, consumer sentiment and manufacturing.
Personal income is expected to be unchanged for September, and personal spending is expected to have fallen 0.5% last month, according to Briefing.com consensus of economists.
Thursday's GDP report helped ease worries about the strength of the economic recovery somewhat. It showed GDP grew at a annualized rate of 3.5% versus the 3.2% rate economists had expected.
Earnings: Sony (SNE) posted on Friday a quarterly loss but it also trimmed its full-year loss forecast.
Other companies due to post quarterly results include Chevron (CVX, Fortune 500) and Duke Energy (DUK, Fortune 500).
World markets: Stocks in Asia took a cue from Wall Street and bounced back. The Nikkei in Japan climbed 1.5%. Major European indexes were mixed in midday trading.
Money and oil: The dollar was mixed against major international currencies, slipping against the yen but edging up versus the euro and British pound. The price of oil fell 26 cents to $79.61 a barrel. 
