S&P 500 stocks index futures pared losses on Friday after New York Federal Reserve Empire State Manufacturing Survey data came in better than expected.

S&P 500 futures were down 3.5 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 shed 38 points, while Nasdaq 100 futures lost 6.75 points.

(Reporting by Edward Krudy; editing by Jeffrey Benkoe)