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) -- Stock futures were pointing to a slightly lower open Monday after personal incomes and spending rose largely as expected in July and Japan's central bank opted to help bolster the economy by easing monetary policy in an emergency board meeting.

Futures for the

Dow Jones Industrial Average

were down by 31 points at 10,110 and were 26 points below fair value. Futures for the

S&P 500

were lower by 3 points at 1061 and were 2 points below fair value, and


futures were lower by 2 points and were 2 points below fair value.

Stocks rallied Friday after the downward revision to second-quarter economic growth wasn't as steep as feared and after Federal Reserve Chairman Ben Bernanke said the Fed is prepared to take action in support of economic growth if necessary.

Feeling the pressure of its struggling economy and strong yen,

Japan's central bank unveiled a new loan program that, combined with previous operations, now gives financial institutions access to a total of 30 trillion yen ($355 billion).

Personal income rose 0.2% in July as expected, according to while personal spending increased 0.4%, slightly outpacing the 0.3% growth that economists had been expecting. July's figures compare with flat incomes and spending in June.


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In commodity markets, crude oil for October delivery was losing 25 cents to trade at $74.92 a barrel, and the December gold contract was ahead by 40 cents, trading at $1,238.30 an ounce.

The benchmark 10-year Treasury note was up by 7/32, diluting the yield to 2.621%.

Meanwhile, the dollar was trading lower against a basket of currencies, with the dollar index down by 0.1%.

Overseas, Hong Kong's Hang Seng inched 0.7% higher, while Japan's Nikkei rose 1.8%. The FTSE in London is closed for a bank holiday and the DAX in Frankfurt was gaining 0.7%.

--Written by Melinda Peer in New York


Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.