Wall Street stocks poised for lower open

NEW YORK -- Stocks appeared headed to a lower opening Monday following last week's big gains as the market's focus shifts to consumer spending trends.

Investors were ready to put a two-month rally on hold after buying into the market last week. Markets had rallied on a better-than-expected report on unemployment and the disclosure of the government's bank stress test results.

Macy's reports first-quarter results Wednesday, while Wal-Mart will announce its quarterly results on Thursday.

Consumer spending accounts for more than two-third of economic activity. Upbeat outlooks from key retailers could give investors another reason to jump into the market.

Dow Jones industrial average futures declined 81, or 0.95%, to 8,435. Standard & Poor's 500 index futures fell 10.90, or 1.18%, to 913.80, while Nasdaq 100 index futures tumbled 18.50, or 1.33%, to 1,371.00.

Last week, investors welcomed the government's bank stress test results that showed which of the nation's largest banks would need additional cash to cover any further weakening in the economy. Removing that uncertainty about which banks might need more capital helped calm many fears in the sector.

The Dow gained 362.24, or 4.4%, to 8,574.65 last week. The S&P 500 index rose 51.71, or 5.9%, to 929.23. The Nasdaq composite gained 19.80, or 1.2%, to 1,739.00.

Since the market began to rally in early March, the S&P 500 has climbed 37.4%, though it is still 40.6% below its high in October 2007.

Three of the banks that the government said had enough capital to handle a deeper recession said Monday they plan to issue common stock to help repay loans they received last fall as part of the government's Troubled Asset Relief Program. U.S. Bancorp, Capital One Financial and BB&T all announced plans to sell common shares that could raise between $1.5 billion and $2.5 billion.