Stock index futures cut their gains and turned negative on Friday as Caterpillar Inc fell following its results.

The stock lost 6.8 percent to $104, while Microsoft Corp was off more than 1 percent to $26.83 a day after its results. General Electric Co , which like Caterpillar and Microsoft is a Dow component, rose 2 percent to $19.55 following its results.

S&P 500 futures fell 0.7 point but 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 slid 22 points and Nasdaq 100 futures lost 5 points.

(Reporting by Ryan Vlastelica)