* Futures up: Dow 33 pts, S&P 5 pts, Nasdaq 13.75 pts
By Tanya Agrawal
May 1 (Reuters) - U.S. stock index futures were higher on Monday after U.S. Congress negotiators hammered out a federal funding deal late on Sunday that would avert a government shutdown later this week.
* The House of Representatives and Senate must approve the deal before the end of Friday, as must President Donald Trump, to keep the government funded through the end of Sept. 30.
* Trading volume is expected to be light, with many markets in Asia and Europe closed for Labor Day.
* U.S. economic data scheduled for release includes personal income figures for March at 8:30 a.m. ET (1230 GMT), which likely rose at a lower 0.3 percent rate from 0.4 percent in February.
* The Institute for Supply Management releases its manufacturing index for April at 10 a.m. ET, which is expected to show a slightly lower reading of 56.4.
* Markit Manufacturing PMI final figures for April and construction spending numbers for March are also expected.
* The host of economic data comes ahead of the two-day Federal Reserve meeting that starts on Tuesday, and the monthly jobs report on Friday.
* Stocks edged lower on Wall Street on Friday after data showing the U.S. economy grew at its weakest pace in three years in the first quarter gave traders a reason to cash recent gains.
* However, Wall Street’s major indexes ended with gains for April, helped by strong quarterly earnings.
* Overall profit at S&P 500 companies are estimated to have risen 13.6 percent in the first quarter, the most since 2011, according to Thomson Reuters I/B/E/S.
* While strong earnings have kept the market at or near record levels, persistent geopolitical tensions in North Korea and the outcome of the French elections have weighed on investors’ minds.
* Oil price edged below $52 per barrel on Monday as rising U.S. output and drilling countered OPEC-led production cuts aimed at clearing a supply glut.
* Shares of Caterpillar were up 0.62 percent at $102.89 in premarket reading. Barron’s said the stock could rise another 20 percent over the next year, helped by Trump’s policies.
* Western Digital was down 2.27 percent at $87.05 after Jefferies cuts its rating and price target on the stock.
* Advanced Micro Devices, which reports quarterly results after the market closes, was up nearly 1 percent at $13.42.
Futures snapshot at 6:42 a.m. ET:
* Dow e-minis were up 33 points, or 0.16 percent, with 7,349 contracts changing hands.
* S&P 500 e-minis were up 5 points, or 0.21 percent, with 39,827 contracts traded.
* Nasdaq 100 e-minis were up 13.75 points, or 0.25 percent, on volume of 8,870 contracts. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D‘Souza)