S&P 500 and Dow stock index futures fell on Friday after data showed employers unexpectedly cut jobs last month, but the unemployment rate fell to a five-month low.

Futures initially extended declines before paring back.

S&P 500 futures fell 2.2 points and were 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 7 points, and Nasdaq 100 futures added 4.75 points.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)