Stock futures rose Monday as crude oil continued to climb higher and markets shrugged off potential negative effects of Italy's "no" vote on its constitutional reform referendum.
S&P 500 futures were up 0.3%, Dow Jones Industrial Average futures added 0.37%, and Nasdaq futures rose 0.38%. The Dow was poised to open at an all-time high.
West Texas Intermediate crude oil rose 1% early Monday to $52.18 a barrel, following last week's decision by OPEC to cut production output by 1.2 million barrels a day, the cartel's first cut in production in eight years. Brent crude, the global benchmark, traded nearly $55 a barrel, a 16-month high.
Italian Prime Minister Matteo Renzi said Monday he would resign following the public's vote not to amend Italy's 1948 constitution, a clear signal that voters didn't want to implement Renzi's proposed changes to stimulate the Italian economy. Italy's equity markets remained in positive territory Monday, while the euro gained in early European trading.
In the U.S. Monday, the Institute for Supply Management's Non-Manufacturing Index will be released at 10 a.m. EST.
New York Federal Reserve President William Dudley said in a speech on Monday "assuming the economy stays on this trajectory, I would favor making monetary policy somewhat less accommodative over time by gradually pushing up the level of short-term interest rates." The central bank is scheduled to meet Dec. 13-14 when it's widely expected to boost interest rates by 25 basis points.
U.K. luxury goods retailer Burberry (BURBY) rejected multiple takeover overtures from Coach (COH) in recent months, the Financial Times reported, citing people briefed on the matter. Shares of Burberry jumped 2% in London trading.
Energy Transfer Partners (ETP) , the company constructing the Dakota Access oil pipeline, released a statement Sunday night slamming the Army Corps' decision to deny the company permission to extend the pipeline beneath a Missouri River reservoir as politically motivated. Shares of Energy Transfer Partners fell 2.4% in premarket trading on Monday.
Apple (AAPL - Get Report) , in a letter to U.S. transportation regulators that surfaced Friday, confirmed for the first time its interest in autonomous-vehicle technology but it remains unlikely the company will design or build a complete car, according to The Wall Street Journal. It's the first time that the tech giant has signaled an interest in self-driving cars. Shares of Apple rose slightly.
Johnson & Johnson (JNJ - Get Report) talks to acquire Swiss drugmaker Actelion (ALIOY) progressing after health care giant J&J raised its offer, people with knowledge of the matter told Bloomberg. Shares of J&J were up 0.8%. Novartis (NVS - Get Report) CEO Joe Jimenez suggested that his company won't bid for Actelion, Reuters reported.
GW Pharmaceuticals (GWPH) is expected to report earnings on Monday.