* Futures up: Dow 42 pts, S&P 5.75 pts, Nasdaq 13.75 pts
By Abhiram Nandakumar
March 28 (Reuters) - U.S. stock index futures were slightly higher on Monday as investors awaited data that may feed into the Federal Reserve’s plans to raise interest rates this year.
* The dollar inched up and Asian stocks dipped as cautious investors backed off from taking on risk. European markets were closed for the Easter Monday holiday.
* The Fed remains dependent on data to bolster its case for multiple rate hikes this year, even as central banks around the world consider more stimulus measures to kick-start growth.
* Data on Friday showed U.S. economic growth slowed in the fourth quarter, but not as sharply as previously estimated, fueling speculation that a rate hike could come sooner than expected.
* A report by the Commerce Department on Monday is expected to show consumer spending rose 0.1 percent in February after having risen 0.5 percent in the previous month. The report is due at 8:30 a.m. ET (1230 GMT).
* U.S. stocks closed lower on Thursday, snapping a five-week winning streak as a strengthening dollar weighed on commodity-related shares.
* The S&P 500 and the Dow are back in the red for 2016, after staging a sharp recovery from a steep selloff at the beginning of the year.
* Shares of Gamestop were down 7.2 percent at $28.10 premarket, after the company on Thursday forecast quarterly revenue below estimates.
* Acadia Pharmaceuticals jumped 16.4 percent to $23.64 after U.S. FDA staff said the company’s drug to treat psychosis associated with Parkinson’s disease was an effective treatment for the condition.
Futures snapshot at 6:53 a.m. ET:
* Dow e-minis were up 42 points, or 0.24 percent, with 8,705 contracts changing hands.
* S&P 500 e-minis were up 5.75 points, or 0.28 percent, with 45,616 contracts traded.
* Nasdaq 100 e-minis were up 13.75 points, or 0.31 percent, on volume of 7,330 contracts. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Saumyadeb Chakrabarty)