Futures turn positive after sharp overnight loss

NEW YORK (Reuters) - U.S. stock index futures edged up on Friday, reversing sharp losses earlier that came on the back of a U.S. government authorization of air strikes in Iraq, which added to concerns about escalating conflicts in Ukraine and the Gaza Strip.

After falling 15 points at its lowest overnight, S&P 500 e-mini futures were up 4 points and fair value - a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract - indicated a slightly higher open. Dow Jones industrial average e-mini futures <1YMc1> edged up 17 points and Nasdaq 100 e-mini futures rose 6 points.

(Reporting by Rodrigo Campos; Editing by Bernadette Baum)