Futures point to modest gains at the open

NEW YORK (Reuters) - U.S. stock index futures pointed to slight gains at the open on Monday, suggesting a modest rebound following a decline last week, though a disappointing reading on consumer spending added to recent concerns over economic strength.

U.S. crude futures rose 0.9 percent after earlier jumping 4.8 percent, a rise that suggested the beaten-down commodity was in a strong uptrend following a jump of 8.3 percent on Friday. Oil remains down more than 50 percent from a recent high in June.

That decline has weighed on the energy sector. Exxon Mobil Corp on Monday reported a profit drop of 21 percent, though that decline was less than expected. Shares of the Dow component dipped slightly in premarket trading.

U.S. consumer spending recorded its biggest decline since late 2009 in December, with households appearing to save the extra cash from cheaper gasoline. The Commerce Department said consumer spending dropped 0.3 percent after a downwardly revised 0.5 percent increase in November. It was the largest drop since September 2009.

Wall Street has been in a downtrend, with January the worst month for the Dow and S&P 500 in a year. The S&P 500 fell more than 1 percent in three of the past four sessions, while market swings have gotten a third larger of late. Over the past 14 days the S&P has moved an average of 30 points between its high and low of the session. On January 9, that average was under 20.

Zogenix Inc rose 12.6 percent to $1.52 in premarket trading and was the Nasdaq's most active name. Late Friday the company received FDA approval for a new formulation of Zohydro ER, which treats central nervous system disorders.

BlueBird Bio rose 7.6 percent to $100 after the Food and Drug Administration designated the company's blood disorder drug a breakthrough therapy.

Investors are also looking to reads on the manufacturing sector from both financial data firm Markit and the Institute for Supply Management. Both are due out after the market opens, with the ISM main index seen falling slightly from the previous month but still showing growth in the sector.

European shares <.FTEU3> fell 0.3 percent as investors continued to fret about the possible ramifications of Greece's debt negotiations over the rest of the periphery. U.S. listed shares of the National Bank of Greece rose 9.1 percent to $1.20 in premarket trading.

Futures snapshot at 8:42:

* S&P 500 e-minis were up 4.5 points, or 0.23 percent, with 172,708 contracts changing hands.

* Nasdaq 100 e-minis were up 5.25 points, or 0.13 percent, in volume of 27,230 contracts.

* Dow e-minis <1YMc1> were up 40 points, or 0.23 percent, with 30,141 contracts changing hands.

(Editing by Chizu Nomiyama and Nick Zieminski)

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