U.S. stock index futures fell on Monday after data showed manufacturing activity in New York State grew at a slower pace than expected in May.

S&P 500 futures dropped 3.1 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. Dow Jones industrial average futures declined 44 points, and Nasdaq 100 futures were off 6.75 points.

The New York Fed's Empire State general business conditions index declined to 19.11 in May from 31.86 in April.

(Editing by Jeffrey Benkoe)