U.S. stock futures were nearly unchanged on Friday as investors awaited key data on the economy that could determine the market's early direction. Shares of ConocoPhillips will also be in the spotlight after an industry source told Reuters the oil major is seeking to buy up to 25 percent of Russia's Lukoil. Novellus Systems Inc.'s stock may also move a day after the maker of tools used to make microchips said quarterly orders for new equipment would be at the low end of its prior estimates. Oil prices rose on Friday, stemming five days of heavy losses as fresh sabotage attacks threatened Iraqi oil infrastructure. S&P 500 futures were about even with fair value accounting for dividends, interest rates and time to expiration on the contract. Dow Jones industrial index futures dipped 3 points while Nasdaq 100 futures gained a point. Investors were waiting for data on preliminary second-quarter gross domestic product, due at 8:30 a.m. (1230 GMT), and consumer confidence, due at 9:45 a.m. (1345 GMT). In addition, Federal Reserve Board Chairman Alan Greenspan speaks about demographic changes at 10 a.m. (1400 GMT) at a conference in Jackson Hole, Wyoming. "Even though the futures are not showing very much, we're going to have a lot of news to digest," said Barry Hyman, chief investment strategist at Ehrenkrantz, King, Nussbaum. "The GDP is the most important figure," he said. "I think you'll see the markets move if the GDP or consumer confidence numbers are different from consensus." U.S. GDP, a key indicator of the economy's health, is expected to be revised slightly lower. Analysts see a 2.8 percent annualized pace of growth compared with a 3 percent rise in the advance estimate by the Commerce Department. The final reading of the University of Michigan's index is expected to show consumer confidence remained steady in August despite high oil prices. In recent speeches, Greenspan and other Fed officials have said patchy economic data over the past few weeks is just a soft spot that should not alter plans for a gradual rise in interest rates to a more neutral level. Airline stocks may come under pressure after AMR Corp.'s American Airlines and UAL Corp.'s United Airlines became the latest carriers to warn investors that high fuel costs are denting earnings.
