December 22, 2016 / 2:01 PM / in 7 months

US STOCKS-Wall St set to open flat in light pre-holiday trading

4 Min Read

* Final reading of Q3 GDP at 3.5 pct vs. 3.3 pct est.

* Weekly jobless claims rise to six-month high

* Micron jumps after profit forecast tops expectations

* Futures: Dow down 3 pts, S&P off 1 pt, Nasdaq up 1 pt (Adds details, comment, updates prices)

By Tanya Agrawal

Dec 22 (Reuters) - U.S. stocks looked set to open little changed in light trading on Thursday as investors gear up for the holiday season.

Stocks showed little reaction to data showing that the U.S. economy grew faster than initially thought in the third quarter, notching up its best performance in two years.

Gross domestic product increased at a 3.5 percent annual rate instead of the previously reported 3.2 percent pace, the Commerce Department said in its third GDP estimate.

U.S. stocks fell on Wednesday, with healthcare and real estate shares losing ground.

The Dow Jones Industrial Average briefly rose to within 15 points of 20,000, a level it has never reached. The blue-chip index has been threatening to breach the mark for the last several days, but has failed to do so.

U.S. stocks have rallied since the Nov. 8 election, with the Dow up about 9 percent and the S&P 6 percent as investors expect the economy to benefit from President-elect Donald Trump's plans for deregulation and infrastructure spending.

"With less traders on their desks and most investors planning where to spend their New Year's Eve, markets have clearly entered the holiday mood," said Hussein Sayed, chief market strategist at FXTM.

"We can barely see any significant moves in equities, fixed income or even currency markets today, suggesting that more consolidation is expected throughout the remaining days of 2016."

Dow e-minis were down 3 points, or 0.02 percent, with 14,258 contracts changing hands at 8:39 a.m. ET (1339 GMT).

S&P 500 e-minis were down 1 points, or 0.04 percent, with 72,113 contracts traded.

Nasdaq 100 e-minis were up 1 points, or 0.02 percent, on volume of 11,001 contracts.

Other economic data showed new orders for U.S.-made capital goods rose more than expected in November amid strong demand for machinery and primary metals.

Separately, the number of Americans filing for unemployment benefits rose to a six-month high last week, but remained below a level that is associated with labor market strength.

Initial claims for state unemployment benefits increased 21,000 to 275,000 for the week ended Dec. 17.

Consumer spending increased 0.3 percent in November after a similar increase in October, a report is expected to show. The data is due at 10 a.m. ET.

Oil prices slipped in tepid trading, dragged down by an unexpected rise in U.S. crude inventories last week and moves by Libya to boost output over the next few months.

Micron Technology shares jumped 12.1 percent to $23.06 in premarket trading after the chipmaker's profit forecast beat expectations.

Red Hat fell 11.4 percent to $70.70 after the Linux OS distributor's quarterly revenue fell below estimates.

Bed Bath & Beyond dropped 3.7 percent to $43.85, a day after the U.S. retailer's quarterly profit missed analysts' estimates. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D'Silva)

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