By Anora Mahmudova and Victor Reklaitis, MarketWatch

Ahead in this holiday-shortened week: jobs report, ECB, OPEC

U.S. stock futures trimmed modest gains after better-than-expected consumer spending data on Tuesday, setting the stage for muted market action as investors return from a three-day weekend.

Consumer spending leaped (http://www.marketwatch.com/story/consumers-boost-spending-in-april-by-most-in-nearly-seven-years-2016-05-31) 1% in April to mark the biggest gain in almost seven years, as Americans splurged on new cars and trucks. Higher gas prices also contributed.

Traders could be avoiding big bets on this month's last trading day, especially given key economic releases are on the schedule later this week.

S&P 500 futures edged up by 2.45 points, or 0.1%, to 2,099.75, while Dow Jones Industrial Average futures gained 32 points, or 0.2%, to 17,881. Nasdaq-100 futures tacked on 7 points, or 0.2%, to 4,517.

Investors are continuing to digest Federal Reserve chief Janet Yellen's remark Friday that an interest-rate rise in the coming months is probably appropriate (http://blogs.marketwatch.com/capitolreport/2016/05/27/live-blog-and-video-of-janet-yellen-interview/). They're also bracing for a European Central Bank news conference on Thursday, an Organization of the Petroleum Exporting Countries meeting on Thursday and the monthly U.S. jobs report on Friday.

"This week is packed with events which will keep volatility high," said Naeem Aslam, Think Forex's chief market analyst, in a note.

See:Why the May jobs report won't reflect a speedier economy (http://www.marketwatch.com/story/why-may-jobs-report-wont-reflect-speedier-economy-2016-05-29)

On Friday, the S&P 500 (http://www.marketwatch.com/story/caution-puts-lid-on-us-stock-futures-ahead-of-yellen-speech-2016-05-27) closed 0.4% higher and up 2.3% for the week, while the Dow gained 0.3% and added 2.1% for the week. U.S. markets were closed Monday for the Memorial Day holiday.

Read:The window for stock-market bears is closing rather quickly (http://www.marketwatch.com/story/why-the-window-for-stock-market-bears-is-closing-rather-quickly-in-one-chart-2016-05-31)

Tuesday is May's last day of trading, and the S&P and Dow are on track for monthly gains of 1.6% and 0.6%, respectively, as of Friday's close.

Other markets:Oil futures (http://www.marketwatch.com/story/oil-prices-hold-tight-as-investors-look-ahead-to-opec-meeting-2016-05-31) traded moderately higher, but European stocks were slightly lower. Asian markets closed mostly up, with Chinese stocks boosted by optimism that index provider MSCI soon could include them (http://www.marketwatch.com/story/china-stocks-see-biggest-one-day-gain-on-msci-speculation-2016-05-31) in an influential global benchmark.

Gold futures lost ground, as a key dollar index (http://www.marketwatch.com/story/dollar-marooned-vs-yen-as-investors-wait-for-us-data-2016-05-31) inched higher, helped by Yellen's comments on Friday.

Economic news: Incomes rose by 0.4% for the third time in the first four months of 2016. The savings rate in April fell to 5.4% last month after hitting a four-year high in March. The PCE index, the Federal Reserve's preferred inflation barometer, rose 1.1% in the 12 months ended in April. That's up from 0.8% in the prior month.

At 9 a.m. Eastern, a March report on home prices is expected, followed by a May figure for consumer confidence at 10 a.m., with economists expecting a reading of 96.7.

Check out:

St. Louis Fed President James Bullard said Monday he's reserving judgment on rate increases (http://www.marketwatch.com/story/feds-bullard-monetary-policy-has-little-effect-on-employment-2016-05-29) and will digest more data before making a decision next month.

Individual movers: Shares in Medtronic PLC(MDT) rose in thin premarket trading after the maker of medical devices posted better-than-expected earnings (http://www.marketwatch.com/story/medtronic-beats-profit-and-sales-expectations-2016-05-31) before the open.

Great Plains Energy Inc.(GXP) on Tuesday said it agreed to buy (http://www.wsj.com/articles/great-plains-energy-to-buy-westar-energy-for-8-6-billion-1464691927)Westar Energy Inc.(WR) for $8.6 billion, marking a big consolidation in the utilities sector (XLU) .

In merger news in the drug industry, Jazz Pharmaceuticals PLC(JAZZ) agreed to buy Celator Pharmaceuticals Inc.(CPXX) in a $1.5 billion deal (http://www.marketwatch.com/story/jazz-pharmaceuticals-to-buy-celator-for-about-15-bln-2016-05-31).

StemCells Inc.(STEM) shares plunge 75% premarket announcing plans to wind down operations (http://www.marketwatch.com/story/stemcells-plans-to-wind-down-company-after-it-runs-out-of-money-2016-05-31).(STEM)

(END) Dow Jones Newswires

May 31, 2016 09:09 ET (13:09 GMT)

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