Stock index futures cut losses on Monday following government data that showed a rebound in personal expenditures and incomes in January, but unease stemming American International Group's report of a $61.7 billion quarterly loss remained a drag.

S&P 500 futures fell 15.20 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 shed 103 points, and Nasdaq 100 futures lost 18 points.

(Reporting by Ellis Mnyandu; Editing by James Dalgleish)