Stock futures cut losses on proposed Dell deal

U.S. stock index futures briefly cut losses on Monday after computer maker Dell Inc announced a $3.9 billion proposed takeover of Perot Systems

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* The deal was likely to underscore investors' hopes that stock valuations remained attractive even after the market's strong run-up from early March.

* The boost from the takeover news was tempered by the resurgent U.S. dollar, whose rebound sparked a pullback in global commodity prices.

* S&P 500 futures were off 6.20 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 were off 39 points, while Nasdaq 100 futures dipped 9.25 points.

(Reporting by Ellis Mnyandu; Editing by Padraic Cassidy)