By Chuck Mikolajczak
NEW YORK (Reuters) - Stock futures were flat on Tuesday as investors prepare for data on the health of the housing industry and overall economy.
Surprises in the final figures for third quarter gross domestic product or November existing home sales could have a stronger-than-usual impact because of the holiday-thinned trading volumes.
The GDP figure is expected to confirm that the economy contracted at an annual rate of 0.5 percent. Forecasts from the 64 economists polled by Reuters ranged from minus 0.5 percent to minus 0.8 percent.
"There should be a base underneath this market. If there are no surprises there, the data will not effect the market to any degree," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
"The risk is in the surprise, to one side or the other."
S&P 500 futures rose 1.4 points and were 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 11 points, and Nasdaq 100 shed 0.75 points.
Linux software provider Red Hat Inc
European shares rose in early trade on Tuesday, breaking a four-day losing run as investors bought banks, which have endured a battering this year, and oil and telecom stocks.
Asian stocks fell for a third straight session on Tuesday as a continued retreat in oil prices below $40 a barrel hit resource-related shares, while auto makers slumped after Toyota's bleak outlook.
Retailers remain in focus in the waning days before the Christmas holiday, as a survey released on Tuesday showed just 38.7 percent of Americans went shopping during the final weekend before Christmas, the lowest turnout in at least six years.
The percentage of Americans shopping this past weekend is down from 41.6 in 2007, according to the survey by America's Research Group and UBS.
American Greetings
Other companies expected to report earnings Tuesday include Micron Tech
U.S. stocks slid on Monday on more evidence the year-long recession will keep eating into corporate profits, while retailers tumbled on worry the holiday shopping season could be the worst in nearly 40 years.
With just six trading days remaining in the year, there is little hope the markets will avoid having their worst yearly performance since the 1930s. The S&P 500 is down about 40 percent for the year. (Editing by Tom Hals)
