Wall Street was set to open little changed on Thursday after data showed the U.S. economy shrank less than expected in the second quarter and initial jobless claims fell, but not as much as forecast.
The preliminary reading of gross domestic product in the second quarter was unchanged at minus 1 percent, while initial claims for state unemployment benefits dropped to 570,000, and those collecting long-term unemployment benefits fell to the lowest level since April.
The GDP data was a little bit of a surprise, but all in all I don't think it's going to be a big market mover, said Max Bublitz, chief investment strategist at SCM Advisors in San Francisco.
Same old story (with the jobless claims decline) ... that is pretty well built into the market.
S&P 500 futures were up 0.20 points and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Nasdaq 100 futures rose 1 point, and Dow Jones industrial average futures gained 19 points.
The S&P 500 is up more than 50 percent from its March lows on expectations the economy was recovering from the deepest recession in decades.
Shares of Dow component Boeing Co
Energy shares could be pressured as crude oil futures dropped for a third straight session, falling 1 percent on Thursday.
American International Group Inc
(Reporting by Rodrigo Campos; additional reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)