US Stock Futures Rise as Wall Street Shrugs Off Italy Referendum Defeat; Oil Gains

New York (Dec 5)  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 0.47%, Dow Jones Industrial Average futures added 0.47%, and Nasdaq futures rose 0.53%. The Dow was poised to open at an all-time high.

West Texas Intermediate crude oil rose 0.5% early Monday to $51.92 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 above $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., while Wall Street will hear from three members of the Federal Reserve, a littlemore than a week before the central bank will meet and where it's expected to raise interest rates by 25 basis points. New York Fed President William Dudley will share macroeconomic forecasts at the Association for a Better New York at 8:30 a.m. EST, while Chicago Fed President Charles Evans will make a speech at The Executives' Club of Chicago CEO Breakfast. St. Louis Fed President James Bullard will discuss the U.S. economy at an annual Economic Forecast Luncheon at 2:05 p.m.

Source: TheStreet