Stock futures pare gains after NY manufacturing data

NEW YORK (Reuters) - Stock futures briefly pared gains on Monday, as data showing that a gauge of New York State manufacturing activity slumped to a record low in March offset news that underpinned hopes of some stabilization in the bank sector.

S&P 500 futures were up 8.80 points and above 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 climbed 63 points, and Nasdaq 100 futures added 5.25 points.

(Reporting by Ellis Mnyandu, Editing by Chizu Nomiyama)