Stock index futures pared gains on Thursday, after the release of an outlook by Dow component Procter & Gamble

, and ahead of key U.S. durable good orders and new home sales data.

U.S. stocks had dropped sharply on Wednesday as rising yields on U.S. government debt fueled concern that businesses and consumers would face higher borrowing costs, hampering an economic recovery.

Investors were bracing for monthly durable goods orders data and weekly jobless claims, due at 8:30 a.m., and new home sales data, set for 10 a.m.

S&P 500 futures were flat points and were above 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 added 3 points, while Nasdaq 100 futures were down 0.5 points.

(Reporting by Ryan Vlastelica; Editing by Theodore d'Afflisio)

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