Stock index futures extended losses on Monday after the New York Federal Reserve said a gauge of manufacturing in New York State contracted for the fifth month in a row in October.

S&P 500 futures fell 1.8 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 lost 8 points, and Nasdaq 100 futures dipped 5.5 points.

(Reporting by Chuck Mikolajczak; Editing by Padraic Cassidy)

Federal reserve Dow jones Manufacturing New York