U.S. stock index futures indicated a modestly higher open on Monday, after a sell-off in the previous session, as investors looked to a busy week of economic data and corporate earnings.

The U.S. dollar fell to a 14-month low against the euro, giving a boost to stocks.

Verizon Communications Inc was unchanged at $28.85 before the opening bell after it reported third-quarter revenue that rose from a year earlier but profit that fell as costs increased.

Corning Inc was 1.4 percent higher after the specialty glass maker reported a better-than-expected profit and forecast the market for glass for flat-screen televisions to grow by 15 percent next year.

Investors will take in the Dallas Federal Reserve survey for October later in the morning, but the highlight of the week will likely be on Thursday, when gross domestic product data may show the U.S. economy returned to growth. Analysts expect the report to show the economy grew by 3.3 percent in the third quarter, according to a Reuters survey.

While the current earnings season has largely been better-than-expected, with many more results to come, the good news has been priced in to the market, said Peter Cardillo, chief market economist at Avalon Partners in New York.

The story of the earnings season is fading, and most people will now be looking at the economic data and the trend of the U.S. currency, said Cardillo.

All in all, this market is headed into a consolidation phase as we get into the full swing of economic numbers this week.

The dollar fell to a 14-month low against the euro on Monday after a Chinese report saying Beijing should increase its holdings of euros and yen in its foreign reserves led investors to sell the greenback.

U.S. equities and the dollar have moved in the opposite direction as of late as the weak dollar helps multinationals with overseas sales. It also signals improving appetite for risk.

S&P 500 futures rose 1.8 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 22 points, while Nasdaq futures added 3 points.

U.S. stocks fell on Friday, with the major indexes slipping for the first week in three, as industrial companies' weak results overshadowed robust earnings from tech and retail heavy-weights.

The blue-chip Dow average <.DJI> finished below 10,000 but is still up 54 percent from the March low.

In the bank sector, many regional banks may not show a profit until 2011, according to a note from veteran banking analyst Richard Bove. He also downgraded Fifth Third Bancorp and SunTrust Banks Inc to sell from neutral.

Fifth Third fell 3.6 percent to $9.97 and SunTrust lost 3 percent to $20.35.

(Editing by Padraic Cassidy)