Stock index futures slid further on Monday after beleaguered insurer American International Group posted a $61.7 billion quarterly loss, signaling no let-up in the fallout from the worsening financial crisis.

News that that EU leaders were considered not to have reached any meaningful agreement on a rescue package for eastern Europe added to risk aversion.

S&P 500 futures fell 22.40 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 tumbled 178 points, and Nasdaq 100 futures lost 32.20 points.

(Reporting by Ellis Mnyandu; Editing by James Dalgleish)