* Consumer sentiment on tap, business activity on tap
* Chevron rises after results
* Futures off: S&P 4.6 pts, Dow 41 pts, Nasdaq 3.5 pts
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By Leah Schnurr
NEW YORK, Oct 30 (Reuters) - Wall Street was looking at a weak open on Friday, a day after the market logged its best gain in three months, as investors await data that will shed light on consumer sentiment and Midwest business activity.
Chevron Corp could help limit losses on the Dow with the stock trading up 0.7 percent at $78.51 before the opening bell following third-quarter results.
Futures had trimmed losses after data showed consumer spending fell in September for the first time in five months, but was in line with market expectations.
The final reading of the consumer sentiment index for October is due at 9:55 a.m. EDT. As well, the Chicago Purchasing Managers Index for October will be released at 9:45 a.m.
Stocks rallied Thursday after the government said the U.S. economy returned to growth in the third quarter, brightening the outlook for profits. But analysts noted the economy still faces headwinds.
"The optimism of this market is hanging by a thread. It can be cut any minute," said Todd Schoenberger, managing director at Landcolt Trading in San Antonio.
S&P 500 futures slipped 4.6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 41 points, while Nasdaq futures dipped 3.50 points.
On the earnings front, NYSE Euronext said it is selling a "significant equity interest" in its derivatives exchange NYSE Liffe U.S. at the same time it reported a drop in earnings. Its shares were up 0.4 percent at $27.70 in premarket trading.
Shares of McAfee Inc shed 4.6 percent to $41.75 the day after the security software maker reported revenue that missed estimates as sales grew at their slowest rate in nearly two years.
Novatel Wireless Inc tumbled 19.7 percent to $9.79 after it warned sales of its mobile wi-fi product would be flat to lower.
The S&P 500 is up 57.6 percent from its 12-year closing low on March 9, but is off 2.9 percent from its post-March peak reached on Oct. 19.
Going into the final trading day of the month, the S&P 500 is up nearly 1 percent for October. If the index is unable to hold onto the month's gains, it will snap a seven-month winning streak.