MARKET SNAPSHOT: U.S. Stocks: Futures Pare Gains As Spending Dips

By Victor Reklaitis and Sara Sjolin, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks futures indicated a higher open for Wall Street on Friday, as the S&P 500 eyed a weekly gain and its best August performance in 14 years.

Stock futures trimmed their gains slightly after an unexpected dip in consumer spending. Investors also are awaiting readings on Chicago-area business conditions and consumer sentiment, both due shortly after the opening bell.

Futures for the S&P 500 (SPU4) climbed 2.30 points, or 0.1%, to 1,999, while those for the Dow Jones Industrial Average (DJU4) added 13 points, or 0.1%, to 17,091. Futures for the Nasdaq 100 (NDU4) put on 5.25 points, or 0.1%, to 4,075.

Friday's advances follow a modestly downbeat session on Thursday, when the S&P 500 retreated from 2,000 and halted its three-day winning streak after Kiev said Russian forces had entered Ukraine.

S&P eyes best August in 14 years: The S&P 500 (SPX) gained 3.4% for the month through Thursday, and if holds would represent its best August performance since 2000. It's also on pace for its largest monthly percentage jump since February, when it rose 4.3%. For the week, the benchmark is up 0.4%.

The Dow (DJI) is on track for advances of 0.5% for the week and 3.1% for the month, while the Nasdaq (RIXF) is eyeing climbs of 0.4% for the week and 4.3% for August.

Consumer spending slips: Consumer spending dipped 0.1% in July, marking its first decline in six months and falling short of the 0.1% increase expected by economists polled by MarketWatch. At 9:45 a.m. Eastern, the Chicago purchasing managers index for August comes out, with economists expecting a reading of 57.5. Then, 10 minutes later, the Reuters/University of Michigan consumer sentiment index for August is slated to hit, with a reading of 80.1 anticipated.

Movers and shakers:Discount retailer Big Lots Inc. (BIG) reported better-than-expected second-quarter earnings, while revenue came in slightly below expectations. Shares were down 2.5% ahead of the open.

Splunk Inc. (SPLK) jumped 6.1% in premarket action after the big-date software producer late Thursday reported earnings that topped analysts's estimates.

Veeva Systems Inc. (VEEV) leapt 10.2% ahead of the open. The cloud-based software company late Thursday reported adjusted second-quarter earnings ahead of forecasts.

Avago Technologies Ltd. (AVGO) climbed 6.1% ahead of the bell after semiconductor company's earnings, out late Thursday, also beat analysts' expectations.

(Read more about Friday's jumpiest stocks in the Movers & Shakers column http://www.marketwatch.com/story/splunk-rallies-freds-to-close-60-stores-2014-08-29.)

Other markets: European stock markets were little changed as investors digested euro-zone inflation data. Stocks in Asia closed mixed. Oil prices (CLV4) gained, while gold (GCZ4) moved lower. The dollar (DXY) edged up against most rivals.

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