CORRECTED-US STOCKS-Wall St to open modestly lower but set to end May higher
(Clarifies second paragraph, second sentence, to say consumer prices increased, not spending)
* Consumer spending dips; inflation below target but rising
* Big Lots shares jump after results
* Futures off: Dow 14 pts, S&P 2 pt, Nasdaq 3 pt
NEW YORK, May 30 (Reuters) - U.S. stocks were set to open slightly lower on the last trading session of the month on Friday, following another record close for the S&P 500 a day earlier, as data showed consumer spending fell for the first time in a year in April.
* Spending slipped 0.1 percent after rising by a revised 1.0 percent in March, which was the largest gain since August 2009. Separate data showed consumer prices increased 0.2 percent last month after rising by the same margin in March, lifting the 12-month total to 1.6 percent - still below the Federal Reserve's 2 percent target but the largest such gain since November 2012.
* Futures indicate a small decline in major indexes at the open, which would leave the S&P and Dow industrials poised to close their four month of gains in a row. The Nasdaq Composite could close its first positive month in three.
* The Chicago Purchasing Managers Index for May is expected shortly after the market opens, and at 9:55 a.m. (1355 GMT), the Thomson Reuters/University of Michigan May reading on consumer sentiment is due.
* S&P 500 e-mini futures were down 2 point and fair value - a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract - indicated a slightly lower open. Dow Jones industrial average e-mini futures fell 14 points and Nasdaq 100 e-mini futures lost 3 points.
* Equity markets continue to keep an eye on Treasury yields. The 10-year Treasury note yield rose to around 2.47 percent, near an 11-month low hit during Thursday's session.
* Big Lots shares jumped 12 percent in premarket trading after it posted better than expected results and an increase in sales.
* Apparel retailers Express and Guess forecast disappointing profits for the current quarter amid a sluggish revival in consumer spending. Express shares fell 12 percent in premarket trading.
* Shares of Infoblox tumbled 33 percent in premarket trading after the network equipment maker forecast a lower-than-expected profit for the current quarter and said its chief executive would step down.
* Data analytics software maker Splunk reported a bigger quarterly loss Thursday as expenses nearly doubled. . Its shares fell 6 percent in premarket trading. (Editing by Bernadette Baum)
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