Stock futures fall as consumers cut spending for the first time in a year

Stocks are on track to begin today's session with slight losses after consumer spending slipped 0.1%, the biggest drop in a year, as data fail to show any pent-up demand resulting from the severe winter weather; S&P -0.2%, Dow and Nasdaq -0.1%.

However, markets weren't fazed much yesterday by the negative Q1 GDP number, as many expect Q2 will bring improvement.

Asian markets ended mostly lower, while European indexes trade in mixed fashion as the quiet trading week draws to the close.

Treasury prices are lower, with the benchmark 10-year yield up 2 bps to 2.468%.

Still ahead: Chicago PMI, consumer sentiment.

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