* Futures slip as investors gauge rally's outlook
* Personal income data, pending home sales on tap
* For up-to-the-minute market news click []
(Adds quote, byline; updates prices)
By Angela Moon
NEW YORK, Aug 4 (Reuters) - U.S. stock futures fell on
Tuesday as caution prevailed ahead of reports on June personal
income data and pending home sales, a day after Wall Street
rallied to a fresh nine-month closing high.
Investors are looking for more definitive clues about the
economic recovery prospects after a spate of corporate earnings
helped spur hopes that the recession is abating.
But some profit-taking was likely to set in, as in European
markets, where bank stocks weighed following a solid run-up
over the past few weeks after UBS AG <UBS.N><UBSN.VS>, a major
bank, reported a large second-quarter loss. For details, see
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"The market is obviously pausing for a profit-taking after
yesterday's surge. A pullback at this point may be welcome,"
said Peter Cardillo, chief market economist at Avalon Partners
in New York.
"One trend we haven't seen is a growth in consumer
spending, and therefore, personal income and personal spending
data will be what shapes today's market."
S&P 500 futures <SPc1> fell 6.20 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 <DJc1> shed 50
points, and Nasdaq 100 <NDc1> futures were down 11.25 points.
Personal income and spending data are due at 8:30 a.m.
(1230 GMT), while pending home sales are expected at 10 a.m.
(1400 GMT).
U.S. consumer spending is forecast to have risen by 0.3
percent in June after a 0.3 percent gain in May. Personal
income is forecast to have fallen by 1 percent in June from a
1.4 percent rise in May, when incomes were boosted by
government stimulus money.
The median of forecasts from economists polled by Reuters
is for June pending home sales to have risen by 0.6 percent
after gaining 0.1 percent in May. If the index rises for June,
it will be the fifth straight monthly gain.
Energy shares could be among the top drags amid a pullback
in oil prices. U.S. front-month crude fell nearly 2 percent to
$70.30 a barrel.
Stocks to watch also include Pulte Homes Inc, <PHM.N> after
the U.S. home builder reported a wider second-quarter loss
after the close on Monday as fallout from the housing downturn
persisted. Pulte shares were down 4.8 percent to $11.20 before
the bell.
CVS Caremark Corp <CVS.N>, which runs its namesake
drugstores and a major pharmacy benefits manager, reported a
higher quarterly profit and raised its outlook before the bell.
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Monday's run-up extended Wall Street's recovery from the
12-year lows of early March. Since then the benchmark S&P 500
<.SPX> index has risen 48.2 percent.
(Editing by Padraic Cassidy)
