Futures flat as investors await data

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."