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Stock futures reverse rise as credit fears return


    NEW YORK (Reuters) - Stock index futures turned negative in volatile trade on Wednesday as investors feared that coordinated rate cuts by global central banks led by the Federal Reserve won't do much to unfreeze the credit markets and avert a global recession.

    S&P 500 futures dropped 15.10 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 fell 132 points and Nasdaq 100 futures shed 30.25 points.

    (Reporting by Ellis Mnyandu; Editing by Kenneth Barry)