S&P 500 stock index futures reversed initial gains and fell on Thursday after JP Morgan Chase & Co reported quarterly earnings.

S&P 500 futures fell 2.7 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 fell 1 point, and Nasdaq 100 futures rose 1.75 points.

(Editing by Theodore d'Afflisio)

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