U.S. stock index futures pared losses on Friday, after payrolls data in July fell short of expectations, giving the Federal Reserve room to keep interest rates low for a while.

S&P 500 e-mini futures fell 3.75 points and were above/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 e-mini futures lost 8 points and Nasdaq 100 e-mini futures shed 1.25 points.