Nasdaq index futures turned negative on Monday after Apple said it will initiate a dividend and share repurchase program. The S&P 500 and the Dow index futures extended losses.

S&P 500 futures fell 2.3 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 lost 19 points, and Nasdaq 100 futures were down 2 points.

(Reporting By Angela Moon)

Apple inc. Apple