U.S. stock futures indicated the Dow industrials were ready to open at a fresh all-time high on Monday, with momentum driven as equity investors shook off the defeat of Italy's constitution-reform referendum and amid signs of steady U.S. economic growth.
Futures for the Dow Jones Industrial Average rose 73 points, or 0.4%, to 19,230, while those for the S&P 500 gained 7.4 points, or 0.3%, to 2,199.25. Nasdaq-100 futures jumped 19.75 points, or 0.4%, to 4,758.25.
The Dow industrials closed at a record high last Thursday of 19,191.93, and touched an intraday high of 19,214.30. Futures offer a gauge of where the index could open, and Monday's move indicate a new high is in store for investors.
"The combination of steady U.S .economic growth, which won't need too hawkish a stance from the FOMC to manage, along with the prospect of further QE from the ECB seems to be generating perfect conditions to extend the bull market rally," said Jamieson Blake, retail sales manager at ADS Securities London, in a note to clients.
On Thursday, the European Central Bank will hold its regular monetary policy meeting to decide on the scope of its quantitative easing and other measures.
Recovering from weak premarket action, the Stoxx Europe 600 rose 1%, fighting losses after Italian voters rejected constitutional changes backed by their government. The broader Italian stock market searched for firm direction but Italian bank shares struggled.
The government had argued the changes would have made it easier to pass laws, notably those aimed at helping its embattled bank sector. Prime Minister Matteo Renzi announced he would resign on the heels of the result.
The move creates some uncertainty for Europe's fourth-largest economy, and was viewed as a win for Italian euroskeptics, specifically the 5 Star Movement, which has campaigned for the country to leave the euro.
Shaking it off: But U.S. investors appeared ready to take the news in stride.
"Perhaps the backing of the central bank to contain any negative fallout is helping to keep investor spirits up, even though the result itself may have just presented an opportunity to another antiestablishment movement that favors a referendum on eurozone membership," said Craig Erlam, senior market analyst at Oanda, in emailed comments.
The bulk of the reaction fell on the euro , which hit a 21-month low against the dollar before paring the decline.
U.S. stocks ended last week largely lower, with weaker-than-expected payrolls data weighing on equities Friday. The S&P 500 index fell 1% for the week, while the Nasdaq Composite Index dropped 2.7%, its worst weekly loss since before the Nov. 8 presidential election.
Some worry that Wall Street is due for a breather after a run-up in stocks since the surprise election win for Donald Trump, though Monday's action indicated that may not happen right away.