Stock index futures sharply extended losses on Thursday as uncertainty grew about the direction of European policy following Germany's unilateral ban on certain stock and bond transactions earlier in the week.

S&P 500 futures dropped 15.4 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 fell 138 points and Nasdaq 100 futures slid 26 points.

Germany