US stock futures edged lower on Friday as a government report showed that consumer spending declined 0.2% in February.

At 8:25 am ET, Standard & Poor's 500 Index futures fell 9.90 points to 817.40. Dow Jones Industrial Average futures slumped 84 points to 7765. Nasdaq Composite Index futures decreased 13 points to 1260.

According to a Commerce Department release on Friday, US consumer spending, which accounts for nearly two third of economy, rose 0.2% in February. Personal Income declined 0.2% in February.

US stocks finished with strong gains on Thursday as better than expected economic data fueled optimism that the economy is on the path of recovery.

Meanwhile, President Barack Obama is set to meet executives of the nation’s biggest banks at the White House on Friday in order to discuss the latest bank plan. Banking stocks declined in European trade.

Early on Friday homebuilder KB Home (NYSE: KB) said that fiscal first quarter loss narrowed to $58.1 million, or 75 cents a share, from a loss of $268.2 million, or $3.47 a share, in the year ago quarter. Revenue decreased to $307.3 million from $794.2 million.

According to Wall Street Journal, City Center, the $8.6 billion Las Vegas development joint venture of MGM Mirage(NYSE: MGM) and Dubai World, is exploring a potential bankruptcy filing.

Late on Thursday, Accenture Ltd. (NYSE: ACN) announced that fiscal second-quarter net income remained relatively flat at $411 million, or 63 cents, compared to $407 million, or 64 cents a share, in the prior year quarter. Revenue fell to $5.27 billion from $5.61 billion. The company lowered its full year financial guidance.

TIBCO Software Inc. (NASDAQ: TIBX) said that its first quarter net profit remained flat at $5.6 million, or 3 cents a share, compared to $5.5 million, or 3 cents a share, in the comparable quarter last year. On an adjusted basis, the company earned $15.2 million or 9 cents per share in the latest quarter. Revenue fell to $132.9 million from $146.6 million.

On the front of economic data, University of Michigan/Reuters consumer sentiment index is scheduled for release at 09:55 am ET.

European stocks retreated in afternoon trade. At 12:18 pm London time, the U.K. FTSE slipped 15.14 points or 0.39% to 3,910.06. The German DAX and French CAC decreased 1.07% and 1.20% respectively.

Asian stocks finished little changed. The Nikkei 225 fell 9.36 points or 0.11% to 8,626.97. The Hang Seng index of Hong Kong rose 10.52 points or 0.07% to 14,119.50.

NYMEX crude oil for May delivery declined as much as $1.01 or 1.9% to $53.33 a barrel.

Disclosure: Author does not own any of the stocks discussed here.