Stock index futures cut losses in volatile trade on Friday after data showed U.S. economic growth was in line with expectations, but the futures remained firmly lower ahead of a key speech by Fed Chairman Ben Bernanke later in the day.

S&P 500 futures fell 6.3 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 fell 20 points, and Nasdaq 100 futures lost 5 points.

(Reporting by Edward Krudy; editing by Jeffrey Benkoe)