* U.S. markets to close by 1 p.m. ET
* Investors turn focus to holiday shopping season
* Amazon, Target up slightly
* Disney down after reporting a fall in ESPN subscribers
* Futures: Dow down 8 pts, S&P up 2 pts, Nasdaq up 13 pts (Adds details, comment, updates shares)
By Tanya Agrawal
Nov 27 (Reuters) - Wall Street looked set to open little changed on Friday, a shortened trading day, as investors turn their focus to the crucial U.S. holiday shopping season.
Trading is expected to be relatively quiet with the U.S. market scheduled to close at 1 p.m. ET (1700 GMT). The market was shut on Thursday for Thanksgiving.
The shopping season spanning November and December is crucial for many retailers because the two months can account for anywhere between 20 percent and 40 percent of annual sales.
However, shoppers are expected to be cautious with their spending again this year. The National Retail Federation is expecting holiday sales to rise 3.7 percent, slower than last year’s 4.1 percent increase.
Shoppers appeared to respond to early Black Friday discounts with a mix of enthusiasm and caution.
Amazon’s shares were up 0.59 percent at $679.30 in premarket trading, while Target rose 1 percent to $73.93.
“I expect some sideways action today with low volume, with traders focused on Black Friday sales ahead of next week’s busy economic calendar,” said Peter Cardillo, chief market economist at First Standard Financial in New York.
S&P 500 e-minis were up 2 points, or 0.1 percent, with 227,682 contracts traded at 8:21 a.m. ET. Nasdaq 100 e-minis were up 12.5 points, or 0.27 percent, on volume of 38,925 contracts. Dow e-minis were down 8 points, or 0.04 percent, with 33,415 contracts changing hands.
A barrage of economic data is scheduled for release next week, culminating in the November employment report, the last one ahead of the Federal Reserve’s December meeting.
“A strong jobs report will probably seal a December rate hike,” said Cardillo.
Traders on Friday priced in a 78 percent chance of a rate hike in December, up from about 52 percent last month, according to the CME Group’s FedWatch.
Global markets were mainly lower, with the Chinese markets registering their biggest one-day drop in more than three months due to regulatory worries and a slowdown in profits at big industrial firms.
Crude oil futures were lower on Friday, bringing losses this month to close to 9 percent as disappointing Chinese data and worries over a supply glut overshadowed geopolitical concerns.
Dow component Walt Disney fell 2 percent to $116.30, after the media giant said late on Wednesday that its ESPN sports network lost 3 million subscribers in 2015.
KaloBios Pharmaceuticals jumped 61.5 percent to $43 after Chief Executive Martin Shkreli tweeted he will stop lending out his shares in the company. (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)