Stock index futures pared losses on Wednesday after government data showed new orders for long-lasting U.S. manufactured goods rose more than expected in July on strong demand for aircraft and motor vehicles.

S&P 500 futures fell 1.7 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 27 points, and Nasdaq 100 futures dipped 1.25 points.

(Reporting by Chuck Mikolajczak)