* Futures slip as investors gauge rally's outlook
* Personal income data, pending home sales on tap (Adds quote, byline; updates prices)
By Angela Moon
NEW YORK, Aug 4 (Reuters) - U.S. stock futures fell on Tuesday as caution prevailed ahead of reports on June personal income data and pending home sales, a day after Wall Street rallied to a fresh nine-month closing high.
Investors are looking for more definitive clues about the economic recovery prospects after a spate of corporate earnings helped spur hopes that the recession is abating.
But some profit-taking was likely to set in, as in European markets, where bank stocks weighed following a solid run-up over the past few weeks after UBS AG, a major bank, reported a large second-quarter loss.
"The market is obviously pausing for a profit-taking after yesterday's surge. A pullback at this point may be welcome," said Peter Cardillo, chief market economist at Avalon Partners in New York.
"One trend we haven't seen is a growth in consumer spending, and therefore, personal income and personal spending data will be what shapes today's market."
S&P 500 futures fell 6.20 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 shed 50 points, and Nasdaq 100 futures were down 11.25 points.
Personal income and spending data are due at 8:30 a.m. (1230 GMT), while pending home sales are expected at 10 a.m. (1400 GMT).
U.S. consumer spending is forecast to have risen by 0.3 percent in June after a 0.3 percent gain in May. Personal income is forecast to have fallen by 1 percent in June from a 1.4 percent rise in May, when incomes were boosted by government stimulus money.
The median of forecasts from economists polled by Reuters is for June pending home sales to have risen by 0.6 percent after gaining 0.1 percent in May. If the index rises for June, it will be the fifth straight monthly gain.
Energy shares could be among the top drags amid a pullback in oil prices. U.S. front-month crude fell nearly 2 percent to $70.30 a barrel.
Stocks to watch also include Pulte Homes Inc, after the U.S. home builder reported a wider second-quarter loss after the close on Monday as fallout from the housing downturn persisted. Pulte shares were down 4.8 percent to $11.20 before the bell.
CVS Caremark Corp, which runs its namesake drugstores and a major pharmacy benefits manager, reported a higher quarterly profit and raised its outlook before the bell.
Monday's run-up extended Wall Street's recovery from the 12-year lows of early March. Since then the benchmark S&P 500 index has risen 48.2 percent.