US Stock futures point to flat open as data in focus

Stock index futures pointed to a flat open on Thursday ahead of key data on jobless claims and economic growth.

Investors will also watch testimony from Federal Reserve Chairman Ben Bernanke on the acquisition of Merrill Lynch by Bank of America Corp (BAC.N) in the tumultuous days following the Lehman Brothers (LEHMQ.PK) collapse.

On Wednesday, the top Republican on the U.S. House of Representatives Oversight and Government Reform Committee, Darrell Issa, said the Fed had sought to hide its involvement in the deal and accused the central bank of a "cover-up."

Data on tap for the day includes the final reading of first-quarter gross domestic product and weekly jobless claims, both due at 8:30 a.m. EDT.

"The market will be on hold until we navigate through some of the economic data that will be forthcoming this morning," said Peter Cardillo, chief market economist at Avalon Partners in New York.

S&P 500 futures rose 0.50 of a point but 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 slipped 8 points, and Nasdaq 100 futures eased 2.50 points.

After a three-month rally, investors have been trying to assess the strength and timing of an economic recovery amid optimism the situation is stabilizing.

Investors will continue to assess Wednesday's statement from the Fed after its two-day policy meeting. The central bank repeated concerns about the economic outlook and did not suggest it sees a notable recovery any time soon.

The statement took the Dow lower for the fourth day and the other indexes ended well off session highs.

Shares of Nike Inc (NKE.N) fell after the closing bell as the world's largest athletic shoe and clothing company reported a worse-than-expected global decline in forward orders.