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US stocks set to open mixed; traders eye probable March rate hike

Andrew Renneisen | Getty Images

U.S. stock index futures pointed to a flat to slightly higher open on Monday morning as traders prepared for a probable interest rate hike later in the trading week.

There are no major economic data reports scheduled on Monday as investors look ahead to the Federal Open Market Committee meeting on Tuesday and Wednesday. According to the CME Group's FedWatch tool, market expectations for a March rate hike stood at 93 percent.

On the earnings front, Del Taco and Hutchinson China MediTech are both scheduled to report before the bell. Coupa Software is due to report after the market close.

In Europe, the pan-European Stoxx-600 index was around 0.16 percent higher on Monday morning. In Asia, the Shanghai Composite in China closed 0.76 percent higher, while the Nikkei in Japan closed 0.15 percent higher.

In oil markets, Brent crude traded at around $51.33 a barrel on Monday morning, down 0.04 percent, while U.S. crude was around $48.38 a barrel, down 0.21 percent.

Oil prices slumped to their lowest level in three months on Monday despite OPEC and other producers' efforts to curb global oversupply.