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US STOCKS-Futures point to slight losses after data

* Retail sales rise less than expected in May

* Weak data not seen as derailing recent rally

* Lululemon falls on results, Restoration Hardware up

* Indexes up: Dow 7 pts, S&P 0.9 pt, Nasdaq 2.25 pts

(Adds economic data, updates prices)

NEW YORK, June 12 (Reuters) - U.S. stock index futures pointed to a flat open on Thursday as a round of disappointing data gave investors few reasons to buy, even after the S&P 500's biggest one-day drop in three weeks.

* Data on both retail sales and jobless claims were below expectations, though neither read was seen as so weak as to derail the thesis that economic conditions are improving.

* Retail sales rose 0.3 percent in May, half of the growth rate that had been expected, while the number of Americans filing new claims for unemployment benefits unexpectedly rose last week.

* Futures had been slightly higher prior to the data, but turned slightly lower after. Still, the market's recent uptrend is still viewed as intact. Despite a two-day drop in the S&P 500, the benchmark index is less than 0.4 percent below its record close.

* S&P 500 futures fell 0.9 point and were about even 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 fell 7 points and Nasdaq 100 futures slid 2.25 points.

* The market has been marked by low volume and volatility lately, with indexes trading in a tight range and the CBOE Volatility Index well below its historical average of 20.

* Energy stocks will be in focus as U.S. crude futures rose 1.8 percent, hitting their highest since September on worries that escalating violence in Iraq could disrupt oil supplies from the major OPEC exporter. The Energy Select Sector SPDR ETF rose 0.4 percent to $97.60 before the bell.

* In company news, Geron Corp was one of the Nasdaq's most active premarket movers, jumping 33 percent to $3.45 on heavy volume after the U.S. Food and Drug Administration lifted a partial clinical hold on a study testing its blood cancer drug.

* Lululemon Athletica Inc fell 16 percent to $37.10 in premarket trading on heavy volume after the athletic apparel retailer cut its full-year earnings and revenue outlook.

* On the upside, Restoration Hardware Holdings Inc surged almost 16 percent to $82.52 a day after the company reported its first-quarter results.

* Investors will continue to watch chipmakers a day after the PHLX semiconductor index closed out its 15th straight daily advance, the longest stretch of gains since the index was created about 20 years ago. It is up 7.8 percent during the recent streak.

(Editing by Chizu Nomiyama and Nick Zieminski)