Stock index futures pared losses on Thursday after Wal-Mart Stores Inc , the world's largest retailer, posted a higher-than-expected 5.1 percent rise in February sales at U.S. stores open at least a year.

S&P 500 futures fell 12.70 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 90 points, and Nasdaq 100 futures dipped 6.50 points.

(Editing by James Dalgleish)