Stock futures little changed in thin trade

NEW YORK (Reuters) - Stock futures were little changed on Monday in what is expected to be a light trading week ahead of Thursday's Christmas holiday as investors look ahead to corporate earnings and retail sales announcements.

Drug store chain Walgreen posted earnings below forecasts and oil prices stabilized on Monday, which could ease fears of weakening global demand.

"With the auto-package having been cleared and Christmas around the corner the next point of focus investors will be gearing up for a potentially interesting earnings season," said Andre Bakhos, president of Princeton Financial Group in Princeton, New Jersey.

"Too low an oil price is on investors' minds. The question is what is the next focal point. It will turn on the consumer Christmas sales."

Oil rose 0.8 percent to $42.70 on the new contract after settling at $33.87 on Friday, its lowest level since February 10, 2004.

S&P 500 futures rose 4.7 points and were slightly 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 added 40 points, and Nasdaq 100 added 8.25 points.

Walgreen reported first quarter earnings that were below analysts' expectations and said that comparable store sales rose 1.6 percent in the period.

Shares of the drug store chain fell 2.6 percent to $25.40 in premarket trade.

Stocks in Europe and Asia were lower after weak export data in Japan confirmed fears about the weak global economy.

Toyota Motor Co <7203.T>, the world's biggest automaker, forecast its first group operating loss due to a relentless global slide in car sales and a crippling rise in the yen, which undermined shares of automakers.

U.S. traded shares of Toyota were down 1.4 percent to $63.50 in premarket trade.

The S&P 500 and Nasdaq rose on Friday after the U.S. government said it would throw a $17.4 billion lifeline to automakers grappling with falling consumer demand.

The Dow ended lower, pulled down by another fall in energy shares, including Chevron and Exxon Mobil as oil sank for the sixth day in a row on fears the anemic economy will swamp demand.

Friday also marked the end of the convergence known as quadruple witching, in which settlement and expiration of four different types of futures and options contracts happen in a two-day period. This can add to volatility, but on Friday, that was not the case. The Chicago Board Options Exchange Volatility Index, or VIX <.VIX>, which also is Wall Street's favorite fear gauge, fell 5.09 percent to end at 44.93.

There is no major U.S. economic data due to be released on Monday.

(Editing by Tom Hals)

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