November 24, 2009 / 2:23 PM / in 8 years

US STOCKS-Futures point to flat open after Case-Shiller data

* U.S. economy grows 2.8 pct in Q3, less than expected

* HP Q4 results meet prelim figures, buyback increased

* Home prices rise in September-Case/Shiller

* Futures up: S&P 2.2 pts, Dow 8 pts, Nasdaq 1.75

* For up-to-the-minute market news, click [STXNEWS/US]

(Adds Case/Shiller data)

By Ryan Vlastelica

NEW YORK, Nov 24 (Reuters) - U.S. stock index futures pointed to a flat open on Tuesday after data showed home prices rose for the fifth straight month in September, but the growth was less than expected.

According to the Standard & Poor‘s/Case-Shiller indexes, home prices posted their second quarterly increase in the latest sign the housing market continues to recover. For details, see [ID:nNYS007561]

Earlier, the government said the U.S. economy grew at a 2.8 percent annual clip in the third quarter, revised down from 3.5 percent estimated last month. Analysts forecast 2.9 percent. [ID:nN23258482]

“We are going into the holiday season and consumers are not losing value on their homes. Last Christmas, they were losing equity value on their homes at a 20 percent clip,” said Craig Thomas, senior economist at PNC Financial Services in Pittsburgh.

S&P 500 futures SPc1 rose 2.2 points and were modestly below 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 DJc1 were up 8 points, and Nasdaq 100 futures NDc1 added 1.75 points.

Hewlett-Packard Co HPQ.N reported a quarterly profit that matched its preliminary results late Monday, and said the economy remained challenging, but it saw signs of a recovery. For details, see [ID:nN23242457]

Earlier Tuesday, both Medtronic Inc MDT.N and Dollar Tree Inc DLTR.O reported quarterly earnings that topped expectations. [ID:nN23263230] and [ID:nN23261485]

Editing by Jeffrey Benkoe

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