NEW YORK, Oct 27 (Reuters) - U.S. stock index futures cut earlier gains on Tuesday with S&P 500 futures turning flat as investors took in the latest round of corporate results and awaited key data on consumer sentiment and home prices.
* The Nasdaq could see pressure at the open as shares of Baidu Inc slumped 14.2 percent to $371.38 in premarket trade after China's top search engine said a rocky introduction for its new system to sell search-based advertising will hit its business into the first quarter of next year.
* S&P 500 futures traded flat but 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 gained 9 points, while Nasdaq futures lost 1 point.