S&P 500 and Dow futures pared losses on Wednesday after a better-than-expected report on manufacturing activity in New York State, while CPI data showed a downturn in prices.

The New York Federal Reserve Bank said on Wednesday its Empire State manufacturing activity index rose in April to minus 14.65 from minus 38.23 in March.

U.S. March CPI fell 0.1 percent compared to an estimated uptick of 0.1 percent.

S&P 500 futures were down 3.3 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 lost 19 points, and Nasdaq 100 futures we're down 12 points.

(Reporting by Edward Krudy; Editing by Theodore d'Afflisio)