* Market set to pause after Dow, S&P indexes' five-week gains
* Gov't, bond markets closed for Veterans Day holiday
* Transocean reaches deal with Icahn in proxy battle
* Indexes: S&P up 0.4 pt, Dow up 8 pts, Nasdaq off 2 pts
NEW YORK, Nov 11 (Reuters) - U.S. stock index futures were little changed on Monday as the market was set to take a breather after the Dow and the S&P 500 rose for the fifth consecutive week.
* Trading volume was likely to be quiet due to the Veterans Day holiday. Government offices and bond markets will be closed and there are no major data or earnings expected.
* On Friday, the benchmark S&P 500 index posted its longest weekly winning streak after an unexpectedly strong payrolls report that lent weight to views the world's largest economy is stronger than previously thought.
* But some investors are concerned that the solid jobs report could prompt the U.S. Federal Reserve to start tapering its stimulus efforts earlier than expected. The market will look for more clues on Fed policy when Janet Yellen, nominated by President Barack Obama to succeed Fed Chairman Ben Bernanke, appears before the Senate Banking Committee on Thursday.
* S&P 500 futures rose 0.4 point and were in line with 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 rose 8 points and Nasdaq 100 futures lost 2 points.
* European shares edged higher on Monday as investors considered the implications of a strong U.S. jobs report on the outlook for the Fed's monetary stimulus. The FTSEurofirst 300 rose 0.1 percent at 1,296.86 points by 1157 GMT. The euro zone's blue-chip Euro STOXX 50, meanwhile, firmed 0.2 percent to 3,039.90 points.
* Transocean Ltd shares rose 2 percent in premarket trade after the company said it reached an agreement with Carl Icahn in which the offshore driller will pay out a dividend and reduce the number of board seats.
* Tesla Motors Inc shares were up 1.9 percent in premarket trade after the stock suffered its worst week since early 2012.