S&P 500 stock index futures turned negative on Monday following quarterly results from telecommunications company Verizon Communications Inc , a Dow component.

Verizon shares initially jumped 7 percent following the results but the bounce quickly faded, and the stock was near unchanged.

S&P 500 futures rose 0.10 points and 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 rose 7 points, and Nasdaq 100 futures were up 2 points.

(Reporting by Ellis Mnyandu; editing by Jeffrey Benkoe)