Stock index futures were little changed on Monday as investors assessed whether a rally that started about two months ago had any more steam left.

The S&P's seven-week-long advance came to an end last week, while the Dow notched its eighth week of gains. The Dow's streak is the longest since a March-through-April run in 2010, when the Dow average hit a high that stood for six weeks.

Many technical analysts and other market observers see the uptrend continuing through at least the first half of the year, but others have forecast a pullback in the near term.

The earnings season will continue to be a factor. Halliburton Co reported results early Monday, and in all, more than 10 Dow components are due to report.

McDonald's Corp also due to report later Monday, along with American Express Co . Bellwethers Texas Instruments Inc and are also scheduled. No economic data is expected on Monday.

S&P 500 futures fell 0.1 point 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 lost 3 points, and Nasdaq 100 futures slipped 2 points.

The Nasdaq fell more than 2 percent last week as investors pulled back from outperforming technology shares.

Investors will look to U.S. President Barack Obama's annual State of the Union address Tuesday night in an address that will likely focus on jobs and economic growth.

The Federal Reserve's FOMC two-day meeting, which ends on Wednesday, will also draw significant interest. The Fed was expected to acknowledge brighter economic prospects without changing the course of its much-maligned bond buying.

Fourth-quarter gross domestic product data was due on Friday, with economists expecting that the economy expanded at a 3.6 percent pace, up from the third quarter's 2.6 percent.

Sara Lee Corp will weigh an offer this week from a group of private equity firms that values the company at nearly $13 billion, a source said.

Packaging and paper company RockTenn Co is buying bigger rival Smurfit-Stone Container Corp in a deal that would triple annual revenue to more than $9 billion.

On Friday, the Dow and S&P 500 rose after estimate-beating results from General Electric Co , a bellwether for the economy and corporate America.

(Reporting by Ryan Vlastelica; editing by Jeffrey Benkoe)