Stock index futures pared losses on Wednesday after the ADP national employment report showed a much better-than-expected increase in private-sector jobs for December.

S&P 500 futures fell 2.2 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 dropped 59 points and Nasdaq 100 futures declined 2.75 points.

(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)