* Futures up: Dow 33 pts, S&P 6 pts, Nasdaq 15 pts
By Tanya Agrawal
Sept 14 (Reuters) - U.S. stock index futures were higher on Monday, shrugging off weak Chinese economic data, ahead of this week’s U.S. Federal Reserve meeting that would decide on an interest rate increase.
* Wall Street closed higher last week with the S&P 500 and Nasdaq composite posting their biggest weekly gain since July.
* Growth in China’s investment and factory output missed forecasts in August, raising the chances that China’s third-quarter economic growth may dip below 7 percent for the first time since the global crisis.
* Investors are awaiting this week’s Fed monetary policy meeting and news on whether it will raise benchmark U.S. rates for the first time since 2006. The Fed is scheduled to meet on Wednesday and Thursday.
* A Reuters poll showed a small majority of forecasters still expect a Fed hike on Thursday, though markets-based models suggest policy tightening will be delayed.
* Stocks have been volatile for the past few weeks since China devalued its currency in August and the impact of a slowdown in the country on global growth rattled investors. The S&P 500 has had moves of at least 1 percent in more than 10 sessions since Aug. 20.
* The Fed has said it will raise rates when it sees a sustained economic recovery with special emphasis on the job market and inflation.
* U.S. data released last week has painted a mixed picture, further clouding the outlook for what the Fed will decide to do this week.
* Oil prices fell nearly 1 percent on the prospect of dwindling demand, though reduced U.S. drilling, as measured by a rig count, offered some support.
* Alibaba Group Holding shares fell 3.3 percent to $62.50 premarket after Barron’s said the company’s shares could lose another 50 percent of their value.
* Yahoo was down 2 percent at $30.80 after the company said on Friday its media head has decided to leave the company.
Futures snapshot at 7:01 a.m. ET (1101 GMT):
* S&P 500 e-minis were up 5.75 points, or 0.29 percent, with 116,104 contracts traded.
* Nasdaq 100 e-minis were up 14.5 points, or 0.34 percent, on volume of 10,570 contracts.
* Dow e-minis were up 33 points, or 0.2 percent, with 9,307 contracts changing hands. (Reporting by Tanya Agrawal; Editing by Don Sebastian)