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US STOCKS-Wall St opens lower as investors wary after hectic week

* July consumer spending picks up slightly

* Major U.S (Other OTC: UBGXF - news) . indexes set to end the week higher

* Freeport-McMoRan jumps after Icahn discloses stake

* Indexes down: Dow 0.41 pct, S&P 0.21 pct, Nasdaq 0.03 pct (Updates to open)

Aug 28 (Reuters) - Wall Street opened lower on Friday, suggesting investors were wary of taking big positions into the weekend after days of tumultuous trading that featured both the market's worst day in four years and biggest two-day gain since the financial crisis.

Even (Taiwan OTC: 6436.TWO - news) so, the three major U.S. indexes looked set to end the week higher after a brutal selloff early in the week sparked by worries about the health of the Chinese economy.

"A lot of investors are looking for markets to calm down and are rebalancing their portfolios before going into the weekend," said Jeff Carbone, co-founder and managing partner of Cornerstone Financial Partners.

Investors are taking a wait-and-see approach before making big decisions, he said.

The recent market turmoil has led to strategists cutting their end-of-year forecasts for indexes. Data for August 20-26 showed a record...