U.S. stock index futures trimmed losses on Friday after oil major Chevron Corp (CVX.N) reported third-quarter results, while data showed consumer spending fell in September for the first time in five months.

* S&P 500 futures SPc1 slipped 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 DJc1 lost 23 points, while Nasdaq futures NDc1 dipped 2 points.