U.S. stock index futures dropped on Wednesday after data showed housing starts unexpectedly fell in October to their lowest level in six months.

Earlier, futures traded slightly higher as weakness in the  underpinned commodity prices and natural resource shares.

S&P 500 futures SPc1 was off 1.5 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 DJc1 declined 14 points, and Nasdaq 100 futures NDc1 lost 4.25 points.