(REUTERS) -- Stock index futures pared losses on Friday after JPMorgan reported higher earnings per share as the company bought back stock.

Stock index futures were under pressure on Friday, weighed by bearish concern over Spain's rising borrowing costs and Chinese economic data.

S&P 500 futures fell 2.9 points and 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 lost 28 points and Nasdaq 100 futures fell 2.25 points.

(Reporting by Rodrigo Campos; Editing by W Simon)