Stock index futures for the S&P 500 turned higher on Monday after U.S. President Barack Obama said an agreement was reached with Republicans on how to extend tax cuts.

S&P 500 futures rose 0.8 point and were slightly 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 shed 20 points, and Nasdaq 100 futures added 1 point.

(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)