U.S. stock index futures rose on Monday after closing out a rough April, as investors turned their attention to the Federal Reserve, which is widely expected to raise interest rates this week to curb a jump in prices.

Bank of America added 0.6% in premarket trading to lead gains among the big banks, while megacap growth stocks were mixed after leading Wall Street to its deepest daily losses since 2020 on Friday.

Disappointing forecasts from Amazon.com and Apple Inc, coupled with data showing the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates and its effect on economic growth.

The S&P 500 has fallen 13.3% so far in 2022, its steepest four-month decline to start any year since 1939, also weighed down by rising bond yields, the conflict in Ukraine and pandemic-related lockdowns in China.

Fed policymakers are looking set to deliver a series of aggressive interest rate hikes at least until the summer, with traders seeing a 92.8% chance of a 50-basis point hike on Wednesday when the decision will be released.

There won't be economic or dot plot projections at this meeting, but the market will pay close attention to Fed Chair Jerome Powell's press conference for clues on interest rates and balance sheet reduction.

At 06:47 a.m. ET, Dow e-minis were up 146 points, or 0.44%, S&P 500 e-minis were up 16.25 points, or 0.39%, and Nasdaq 100 e-minis were up 62.75 points, or 0.49%.

The quarterly earnings season has been better-than-expected so far. Of the 275 companies in the S&P 500 that have reported earnings till Friday, 80.4% have topped Wall Street's expectations.

Drugmakers Pfizer Inc and Moderna Inc, coffee chain Starbucks Corp, chipmaker Advanced Micro Devices Inc and breakfast cereal maker Kellogg Co are some of the companies reporting results this week.

Activision Blizzard climbed 3.1% after Warren Buffett said Berkshire Hathaway Inc has taken a 9.5% stake in the "Call of Duty" game maker.

ISM manufacturing activity data for April is due at 10 a.m. ET.