U.S. stocks were set to open at record highs again Monday, Dec. 4, with the Dow Jones Industrial Average renewing its push toward 25,000 as investors reacted to passage of a Senate tax reform bill that could set the stage for the biggest legislative win under President Donald Trump's administration. 

Dow futures suggested the benchmark will open more than 240 points or 1% higher,  from its close of 24,231.59 on Friday, Dec. 1. S&P 500 futures rose 16 points, or 0.6%, amid a surging U.S. dollar and rising government bond yields. 

The premarket moves were likely to at least partially offset Friday's massive selloff, which saw the Dow tumble 300 points after reports -- later corrected by ABC News -- that suggested former National Security Adviser Michael Flynn had been instructed by Trump's election campaign to make contact with Russian officials. Flynn pleaded guilty to lying to federal investigators into Trump's campaign ties with Russia and said he would cooperate with the ongoing probe.

Senate lawmakers passed their controversial tax reform bill Friday, entirely on party lines, setting up what could be weeks of horse-trading with their House counterparts in Congress to deliver what U.S. Vice President Mike Pence called a "middle class miracle." 

Investor sentiment was also likely to be supported by a spate of takeover deals, including CVS Health Corp.'s  (CVS) - Get CVS Health Corporation Report$69 billion play for Aetna Inc. (AET) , which is priced at $207 in cash and shares. Aetna shares were indicated 3.36% higher in premarket trading, indicating an opening price of $187.3, while CVS shares were seen 0.28% lower at $74.91 each.

Image placeholder title

Walt Disney Co.  (DIS) - Get Walt Disney Company Report shares were indicated higher in premarket trading, while Britain's Sky PLC  (SKYAY) was one of the top gainers in Europe, following reports that Twenty-First Century Fox Inc. (FOXA) - Get Fox Corporation Class A Report  has revived talks to sell parts of its business to the House of Mouse.

Disney shares traded 1.05% higher in premarket trading in New York, indicating an opening price of $106.30. Sky shares, meanwhile, added 2.8% to top all but two gainers on Britain's FTSE 100 to change hands at 957 pence each, the highest in more than three months.

TheStreet Recommends

General Cable Corp. (BGC) shares were set to open at a four-year high Monday after Italy's Prysmian SpA (PRYMY) agreed to a $3 billion deal for the Kentucky-based maker of copper, aluminum and fibre-optic wires.

General Cable shares were marked 33.3% higher in premarket trading in New York, indicating an opening price of $28.85 each, just shy of the $30 bid price and the highest since early November 2013.

Global oil prices were also active, but prices were heavy following last week's extension of OPEC production cuts in Vienna owing to the build-up of U.S. drilling installations and the assumption of faster domestic crude production in response to the OPEC/Russia agreement.

Brent futures contracts for February delivery, the global benchmark for prices, were seen 0.67% lower at $63.30 a barrel while West Texas Intermediate contracts for January were marked 0.82% lower at $57.88.

The U.S. dollar surged against a basket of its global peers and U.S. Treasury bond yields breached what could be a technically significant level in reaction to the Senate deal, that could lead to recalibration of rate hikes from the Federal Reserve.

The dollar index, which tracks the greenback against a basket of six major global currencies, was marked 0.41% higher in early European trading and changing hands at 93.27, the highest since Nov. 28. Benchmark U.S. Treasury bond yields, which briefly traded at 2.41% during the Asia session, were marked 3 basis points higher at 2.39%.

The economic calendar in the U.S. on Monday includes factory orders at 10 a.m. ET.

More of What's Trending on TheStreet: