NEW YORK (Reuters) - Stock index futures erased earlier gains and briefly turned negative on Thursday as the dollar strengthened in the wake of the European Central Bank's rate cut.
S&P 500 futures fell 1.6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures lost 9 points and Nasdaq 100 futures lost 3.5 points.
(Reporting by Chuck Mikolajczak, editing by Dave Zimmerman)