* Q2 GDP shrinks 1 percent, less than expected
* Initial jobless claims fall less than forecast
* Boeing shares jump after 787 schedule announcement (Updates with reaction to data)
By Rodrigo Campos
NEW YORK, Aug 27 (Reuters) - Wall Street was set to open little changed on Thursday after data showed the U.S. economy shrank less than expected in the second quarter and initial jobless claims fell, but not as much as forecast.
The preliminary reading of gross domestic product in the second quarter was unchanged at minus 1 percent, while initial claims for state unemployment benefits dropped to 570,000, and those collecting long-term unemployment benefits fell to the lowest level since April.
The GDP data "was a little bit of a surprise, but all in all I don't think it's going to be a big market mover," said Max Bublitz, chief investment strategist at SCM Advisors in San Francisco.
"Same old story (with the jobless claims decline) ... that is pretty well built into the market."
S&P 500 futures were up 0.20 points and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Nasdaq 100 futures rose 1 point, and Dow Jones industrial average futures gained 19 points.
The S&P 500 is up more than 50 percent from its March lows on expectations the economy was recovering from the deepest recession in decades.
Shares of Dow component Boeing Co rose 7.5 percent to $51.40 in premarket trading after the planemaker said it expects the first flight of its delayed 787 Dreamliner by the end of the year.
Energy shares could be pressured as crude oil futures dropped for a third straight session, falling 1 percent on Thursday.
American International Group Inc rose 9.5 percent to $41.26 premarket after the new chief executive of the bailed-out insurer, Robert Benmosche, told Reuters on Wednesday he did not favor a fire sale of its assets. He also said in the interview that in a year people will say the company is performing well.
Dell Inc will report quarterly results after the closing bell, and could shed light on whether corporate technology spending has begun to recover.