Stock index futures cut earlier gains on Tuesday with S&P 500 futures turning flat as investors took in the latest round of corporate results and awaited key data on consumer sentiment and home prices.

The Nasdaq could see pressure at the open as shares of Baidu Inc slumped 14.2 percent to $371.38 in premarket trade after China's top search engine said a rocky introduction for its new system to sell search-based advertising will hit its business into the first quarter of next year.

S&P 500 futures traded flat but were above 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 gained 9 points, while Nasdaq futures lost 1 point.

(Reporting by Leah Schnurr; Editing by Padraic Cassidy)