(Corrects reference to previous sentiment figure in paragraph 7)
* G8 leaders say global recovery more “self-sustained”
* But group says higher commodity prices a problem
* Pending home sales, sentiment data awaited
* Dow down 4 pts, S&P up 0.8 pt, Nasdaq up 0.5 pt
* For up-to-the-minute market news see [STXNEWS/US]
(Updates prices, adds analyst comment)
By Ryan Vlastelica
NEW YORK, May 27 (Reuters) - U.S. stock index futures were little changed on Friday, with investors cautious before a long holiday weekend and economic data on pending home sales and consumer sentiment that could give the market direction.
This has been a choppy week for equities, with steep losses early offset by a rally in the past two days. The S&P 500 is down 0.6 percent for the week. Trading volume could be anemic on Friday ahead of Monday’s Memorial Day holiday.
The losses early in the week came on worries about euro-zone sovereign debt, as well as concerns that global demand was slowing. While there are few catalysts seen for strong positive advances, technical support suggests there is a floor for stocks.
The Group of Eight leaders agreed on Friday that the global economic recovery was becoming more “self-sustained,” though higher commodity prices were hampering further growth. For details, see [ID:nLDE74Q0CZ]
“Stocks are sitting on a well-balanced seesaw right now and there’s not much that will make us go one way or the other,” said Christian Wagner, chief executive officer at Longview Capital Management in Wilmington, Delaware.
“The G8 news was good, and we’re sitting on major support levels, but people are always cautious going into a long weekend.”
April pending home sales will be released at 10 a.m. (1400 GMT). Economists see a 1 percent decline compared with a 5.1 percent increase in the previous month. The final May Thomson Reuters/University of Michigan Surveys of Consumers is seen essentially holding steady from the preliminary May level.
Personal income and consumption data will be released earlier on Friday.
S&P 500 futures SPc1 rose 0.8 point and 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 DJc1 fell 4 points and Nasdaq 100 futures NDc1 rose 0.5 point.
Google, MasterCard (MA.N), Citigroup (C.N), Sprint (S.N) and transaction processing company First Data unveiled a system that will allow shoppers to use mobile phones to pay for items at the checkout counter. [ID:nN26241064]
Macau casino operator MGM China raised $1.5 billion from its Hong Kong initial public offering after pricing it at the top of its indicated range. The firm is co-owned by MGM Resorts International (MGM.N), shares of which rose 1 percent to $15.88 in light premarket trading.
The $7.1 billion merger of coal miners Massey Energy Co MEE.N and Alpha Natural Resources Inc ANR.N should be blocked or Massey’s board will avoid responsibility for their reckless management, a shareholder attorney told a court late Thursday. [ID:nN26240204]
Editing by Kenneth Barry