Futures little changed after HP, ahead of data

* Investors have been closely watching the technology sector, which is generally considered one of the first to recover from recession.

* Hewlett-Packard Co , the computer and printer maker, said late Monday the economy remained challenging, but sees signs of recovery. The last Dow component to report also tripled its share repurchase program.

* Investors are awaiting the preliminary estimate of third-quarter gross domestic product growth, due at 8:30 a.m. EST, and November consumer sentiment data, due at 10:00 a.m. EST

* The day's earnings diary includes H.J. Heinz Co , Hormel Foods Corp and Medtronic Inc .

* S&P 500 futures rose 1.2 points and were modestly above 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 were up 2 points, while Nasdaq 100 futures were down 1.25 points.

* Also late Monday, Analog Devices Inc and Brocade Communications Systems Inc reported quarterly results that beat expectations. Analog Devices also forecast higher profit margins.

* Hong Kong and China stocks sank Tuesday, with Shanghai composite index <.SSEC> off 3.5 percent, dragged down by banks.

* European stocks were down 0.1 percent in morning trade, led lower by banks. Miners such as Xstrata Plc dropped along with metal prices.

* Kenneth Feinberg, the Obama administration's pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc for 2010, the Wall Street Journal reported, citing sources.

* U.S. stocks snapped a three-day losing streak on Monday, as stronger-than-expected home sales data fueled optimism while a weaker dollar boosted commodity-linked stocks.

(Editing by Jeffrey Benkoe)