Wall Street set to open higher on robust consumer spending data

Wall Street was set to open higher on Tuesday after strong consumer spending data gave the latest sign of improvement in economic growth and supported the Federal Reserve's stance to increase interest rates in the coming months. U.S. consumer spending surged 1.0 percent in April, its biggest increase in more than six years and beating economists' expectation of a 0.7 percent rise. The core PCE is the Fed's preferred inflation measure and is running below the U.S. central bank's 2 percent target.