Stock index futures pared losses but remained solidly lower on Friday as talk of a Greece default gained pace and a day after markets spiraled downward on deepening worries about global economic stagnation.

S&P 500 futures fell 10.4 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 slid 91 points, and Nasdaq 100 futures dropped 18.5 points.

Greek Finance Minister Evangelos Venizelos was quoted by two newspapers as saying an orderly default with a 50 percent haircut for bondholders was one of three scenarios for resolving the country's fiscal woes. Venizelos called the reports an unhelpful distraction.

(Reporting by Ryan Vlastelica; editing by Jeffrey Benkoe)