* Durable goods orders rise more than expected
* P&G shares climb after CEO replacement
* Abercrombie shares fall after results
* Futures off: Dow 49 pts, S&P 8.5 pts, Nasdaq 12 pts
By Rodrigo Campos
NEW YORK, May 24 (Reuters) - U.S. stocks were set to open lower on Friday, setting up Wall Street for its first weekly decline since mid April, amid concern the U.S. central bank may scale back its support to the economy.
Futures briefly paired losses after data showed orders for long-lasting U.S. manufactured goods rose more than expected in April.
Trading has been choppy in the second half of the week as market participants assess the Federal Reserve's evolving stance towards markets. Fed support has been instrumental in a rally that has boosted U.S. stocks to record highs this year.
Since Wednesday, the markets have been focused on the possibility of Fed purchases being scaled back later this year, in the wake of congressional testimony by Fed Chairman Ben Bernanke and the minutes from the latest Federal Open Market Committee meeting.
"Markets are looking for a reset and a retracement lower, closer to more compelling valuations," said Peter Kenny, chief market strategist at Knight Capital (NYSE: KCG - news) in Jersey City, New Jersey.
He said on Wednesday there was a shift that "reintroduced a sense of caution that has long been absent" in markets.
The minutes, Kenny said, showed a degree of fracture in the FOMC "in terms of the approach moving forward, specifically the time frame" of the unwinding of the Fed's stimulus efforts.
Futures briefly pared losses after the Commerce Department said durable goods orders rose 3.3 percent last month, exceeding expectations for an increase of 1.5 percent. Prior readings for orders were revised to show a smaller decline in March than previously estimated.
S&P 500 futures fell 8.5 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 (DJI: ^DJI - news) industrial average futures fell 49 points, and Nasdaq 100 futures lost 12 points.
Procter & Gamble (NYSE: PG - news) shares rose 3.4 percent in premarket trading after the world's largest household products maker brought back A.G. Lafley as chief executive Thursday, replacing Bob McDonald in the midst of a major restructuring.
Abercrombie & Fitch (NYSE: ANF - news) shares dropped 8.5 percent in premarket trading after the teen clothing retailer said quarterly comparable sales fell 15 percent, which it blamed in part on inventory shortages.
Shares of Sears Holdings (NasdaqGS: SHLD - news) tumbled 14.7 percent in premarket trading after the U.S. retailer reported a bigger-than-expected quarterly loss on Thursday, hurt by cooler spring weather.
Pandora Media (NYSE: P - news) shares jumped 13 percent in premarket trading after the streaming music service said Thursday first-quarter revenue grew on the strength of mobile advertising. At least five research firms raised their price target on the stock.