Stock index futures extended losses after German Chancellor Angela Merkel said hardly any countries in the Group of 20 industrialized nations said they will participate in the euro zone bailout fund.

S&P 500 futures fell 6.7 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures dropped 46 points while Nasdaq 100 futures lost 15.25 points.

(Reporting by Chuck Mikolajczak; Editing by Padraic Cassidy)