US STOCKS-Wall St set to open flat after sell off, GDP data
* Futures: Dow up 13 pts, S&P off 2 pts, Nasdaq up 2.25 pts
By Chuck Mikolajczak
NEW YORK, Sept 26 (Reuters) - U.S. stock index futures were pointing towards a flat open on Friday after major indexes suffered their biggest drop since July, and data showed the economy grew at its fastest pace in more than two years.
The Commerce Department raised its estimate of gross domestic product to show the economy expanded at a 4.6 percent annual rate, in line with expectations and the best performance since the fourth quarter of 2011.
Major indexes saw their biggest declines since July 31 on Thursday in a broad sell off, with the S&P 500 falling through a key technical support level as Apple slumped and the dollar hit a four-year high.
"The equity market in general is looking for near-term conviction," said Terry Sandven, senior equity strategist at U.S. Bank Wealth Management in Minneapolis.
"In recent months, the 'Goldilocks' scenario of modest growth and tame inflation have largely been in play and the economy has not been too slow or too fast, and in recent days that characterization is being challenged a bit."
The S&P has dropped for four of the past five sessions and closed below its 50-day moving average for the first time since Aug. 15. That level had previously served as support, and a protracted period underneath it could signal further losses.
S&P 500 e-mini futures were off 2 points and fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract, indicated a flat open. Dow Jones industrial average e-mini futures were up 13 points and Nasdaq 100 e-mini futures were 2.25 points higher. Continued...