* Futures up: Dow 21 pts, S&P 1.5 pts, Nasdaq 2 pts
By Tanya Agrawal
Aug 1 (Reuters) - U.S. stock index futures were little changed on Monday, the first trading day of the month, as the chances of a near-term U.S. interest rate hike faded.
* On Friday, the S&P 500 index hit a new record intra-day high for the seventh time in a month, while the Nasdaq ended July with a rise of 6.6 percent.
* Growth in U.S. gross domestic product in the second quarter came in below expectations, fueling arguments the Federal Reserve may not raise interest rates anytime soon.
* After the GDP numbers, the chance of a hike by the year end fell to about 33 percent, according to CME Fedwatch, down from about 50 percent early last week.
* Investors will continue keeping an eye on corporate results, where aggregate quarterly earnings of S&P 500 companies are now expected to fall 3 percent, compared with a 3.7 percent decline predicted earlier, according to Thomson Reuters I/B/E/S.
* Data expected on Monday include a forecast from the Institute for Supply Management for its national factory index, which is expected to be 53 in July, compared with 53.2 in June. A reading above 50 indicates expansion in the manufacturing sector. The data is due at 10 a.m. ET (1400 GMT).
* The monthly non-farm employment report is expected on Friday and the Bank of England meets on Thursday.
* Oil prices fell about 1.3 percent as a rise in OPEC production and U.S. oil rig additions continued to weigh on the market.
* SolarCity jumped 7.4 percent to $28.68 in premarket trading after Tesla said the two companies have agreed to merge. Tesla was down 0.3 percent at $234.00.
Futures snapshot at 7:05 a.m. ET:
* S&P 500 e-minis were up 1.5 points, or 0.07 percent, with 124,868 contracts traded.
* Nasdaq 100 e-minis were up 2 points, or 0.04 percent, on volume of 17,943 contracts.
* Dow e-minis were up 21 points, or 0.11 percent, with 19,641 contracts changing hands. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D'Silva)