Stock index futures turned negative after brief initial gains on Friday after data showed the economy contracted at a slower-than-expected pace than exped in the second quarter.

S&P 500 futures were down 2.40 points and 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 fell 9 points, and Nasdaq 100 futures slipped 4.75 points.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)