Stock index futures pointed to a lower open on Monday as investors looked to the latest round of earnings for proof the recession may be abating and shares of Bank of America Corp fell after it reported its quarterly results.

Bank of America Corp said it earned $4.2 billion in the first quarter.

S&P 500 futures dropped 12.80 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 slid 109 points, and Nasdaq 100 futures fell 18.50 points.

(Editing by Theodore d'Afflisio)