(REUTERS) -- Stock index futures pared gains sharply on Thursday, with traders citing talk about a possible downgrade of France's sovereign debt rating as French debt yields hit nearly 3-month highs.

S&P 500 futures rose 2.7 points but were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures rose 11 points and Nasdaq 100 futures rose 9.5 points.

(Reporting By Edward Krudy)

RELATED STORIES
Dow jones Dow jones Dow jones