Futures inch up ahead of economic data, Gap slumps on outlook cut

(Reuters) – U.S. stock index futures edged higher on Friday ahead of data which will likely offer clues on U.S. consumer spending strength against the backdrop of red-hot inflation, while shares of Gap slumped after the retailer slashed its annual forecast. The Commerce Department’s report at 08:30 a.m. ET is expected to show consumer spending rose 0.7% in April, easing from a stronger 1.1% in March, as inflation stays hot in the wake of higher fuel and food prices. Another set of numbers is likely to show the core personal consumption expenditures price index gained 0.3% last month, after cli…

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