US equity futures were modestly higher pre-bell Monday as traders looked ahead to the Federal Reserve's interest rate decision and key economic data later in the week.

Dow Jones Industrial Average futures gained 0.2%, S&P 500 futures increased 0.3%, and Nasdaq futures were up 0.5%.

This week's economic releases include the Federal Reserve's interest rate decision Wednesday and data on retail sales, jobless claims, housing starts, gross domestic product growth, and the Personal Consumption Expenditures Price Index, which is the Federal Reserve's preferred measure of US inflation.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.7% at $73.98 per barrel and US West Texas Intermediate crude 1.4% lower at $70.31 per barrel.

The Empire State Manufacturing Index, released at 8:30 am ET, dropped to 0.2 in December from 31.2 in November, compared with estimates compiled by Bloomberg for a smaller decline to 10.0.

The services purchasing managers' index, slated for 9:45 am ET, is expected to at 55.7 in the December flash versus 54.9 in November.

In other world markets, Japan's Nikkei closed 0.03% lower, Hong Kong's Hang Seng ended 0.9% lower, and China's Shanghai Composite finished down 0.2%. Meanwhile, the UK's FTSE 100 fell 0.4% and Germany's DAX index also slipped 0.4% in Europe's early afternoon session.

In equities, shares of Honeywell International (HON) were 2.4% higher pre-bell after the company said it is considering a potential spin-off of its aerospace business. Edgewise Therapeutics (EWTX) shares increased 22% after the company said its phase 2 trial of a treatment candidate for Becker muscular dystrophy met its primary endpoint.

On the losing side, Microchip Technology (MCHP) shares fell 3% after BofA cut its rating on the stock to underperform.