Stock futures turned negative ahead of the open on Wednesday after a two-day run-up , as investors paused before the start of the quarterly earnings season.

S&P 500 futures fell 2.1 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 7 points and Nasdaq 100 futures lost 3.75 points.

The U.S. dollar rose, weighing down commodity prices and equities.

After the closing bell on Wednesday, Alcoa Inc will be the first Dow component to report its quarterly scorecard.

(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)