Futures Pare Losses After CPI Data

S&P 500 futures fell 13 points, and were below fair value.

U.S. stock index futures pared losses on Friday, after government data showed U.S. consumer prices rose in January for the first time since July as energy costs rebounded.

* Fears that the U.S. government's bank rescue plan might involve nationalization and that the recession is worsening had investors scurrying toward the relative safety of government bonds, with stocks plummeting in Europe and Asia.

* S&P 500 futures fell 13 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 dropped 111 points, and Nasdaq 100 futures declined 12 points.