By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

Apple in focus after big hint on self-driving car

U.S. stock futures indicated the Dow industrials were ready to open at a fresh intraday all-time high on Monday, with momentum driven as equity investors shook off the defeat of Italy's constitution-reform referendum on Sunday and amid signs of steady U.S. economic growth.

Futures for the Dow Jones Industrial Average rose 81 points, or 0.4%, to 19,239, while those for the S&P 500 gained 8 points, or 0.4%, to 2,200. Nasdaq-100 futures advanced 20 points, or 0.4%, to 4,758.75.

The Dow industrials closed at a record high last Thursday (http://www.marketwatch.com/story/wall-street-stocks-set-to-kick-off-december-on-shaky-ground-as-opec-fueled-rally-fizzles-2016-12-01) 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, and analysts largely expect that will include some extension of its asset buying program.

Shaking off Italy: The Stoxx Europe 600 rose 0.6%, fighting back from earlier losses after Italian voters rejected constitutional changes backed by their government. The broader Italian stock market slid 1%, as its bank stocks 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.

Read:What to know now that Italy has voted 'no,' with Renzi set to step down (http://www.marketwatch.com/story/what-to-know-now-that-italy-has-voted-no-with-renzi-set-to-step-down-2016-12-04)

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 (http://www.marketwatch.com/story/euro-tumbles-to-21-month-low-against-dollar-after-italys-no-vote-2016-12-05) before rebounding.

U.S. stocks ended last week largely lower, with weaker-than-expected payrolls data triggering some softness for equities Friday (http://www.marketwatch.com/story/dow-set-to-drop-from-record-high-as-trump-rally-fizzles-2016-12-02). 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 (http://www.marketwatch.com/story/the-trump-rally-in-the-stock-market-may-be-turning-into-a-bubble-2016-12-03) 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.

Data on deck: Economic reports for Monday include the Markit services purchasing managers index for November at 9:45 a.m. Eastern Time, and the Institute for Supply Management's nonmanufacturing index for the same month, due at 10 a.m. Eastern.

New York Fed President William Dudley in a speech addressing the economic outlook and monetary policy in the Big Apple, said the Fed was not far from its policy goals, backing gradual rate hikes. He also warned the Congress not to squander fiscal policy, saying that monetary and fiscal policies must not work at 'cross purposes'.

Chicago Fed President Charles Evans is slated to talk on the same topic in the Windy City at 9:25 a.m. Eastern, and St. Louis Fed President James Bullard is on tap to deliver a speech in Phoenix at 2:05 p.m.

Stocks to watch: Shares of FairPoint Communications Inc.(FRP) jumped nearly 11% in premarket after Consolidated Communications Inc.(CNSL) said it would buy the rival group in a $1.5 billion stock and debt deal. (http://www.marketwatch.com/story/consolidated-communications-to-buy-fairpoint-in-a-15-billion-stock-and-debt-deal-2016-12-05)

(http://www.marketwatch.com/story/consolidated-communications-to-buy-fairpoint-in-a-15-billion-stock-and-debt-deal-2016-12-05)Hilton Worldwide Holdings Inc.(HLT) said Monday that its board has approved the spinoff of its Park Hotels & Resorts and its Hilton Grand Vacations timeshare business (http://www.marketwatch.com/story/hilton-board-approves-spinoff-of-park-hotels-and-timeshare-businesses-2016-12-05). Hilton shares rose 1% in premarket trading.

Manufacturer Rexnord Corp.'s stock (RXN) could be in focus after President-elect Trump criticized the company's plans (http://www.marketwatch.com/story/trump-criticizes-indiana-based-rexnard-over-plans-to-send-jobs-to-mexico-2016-12-05) to relocate an Indianapolis-based factory to Mexico, and took to Twitter to emphasize his disapproval of such actions.

Apple Inc.(AAPL) has written a letter to U.S. regulators offering feedback on proposed guidelines for self-driving cars (http://www.marketwatch.com/story/apple-drops-hints-about-its-work-on-a-self-driving-car-2016-12-03) and other machine-learning technology. It's the biggest hint thus far that the tech giant is working on autonomous vehicles.

Rex Tillerson, chairman and chief executive officer of Exxon Mobil Corp.(XOM), meanwhile, has emerged as a contender to become Secretary of State, a Trump transition adviser has said, (http://www.marketwatch.com/story/exxon-ceo-emerges-as-contender-for-donald-trumps-secretary-of-state-2016-12-04) confirming earlier reports.

Other markets:Asian stocks were unable to shake off losses (http://www.marketwatch.com/story/asian-shares-fall-led-by-banks-as-investors-rattled-by-italian-referendum-2016-12-05), with banks leading the way south on fears the Italy "no" vote could hurt the country's banking system and spread globally. The Nikkei 225 index dropped 0.8% and the Shanghai Composite Index fell 1.2%.

Gold prices were off about 0.8% (http://www.marketwatch.com/story/consolidated-communications-to-buy-fairpoint-in-a-15-billion-stock-and-debt-deal-2016-12-05). WTI crude prices reversed earlier losses to push above $52 a barrel.

(END) Dow Jones Newswires

December 05, 2016 09:03 ET (14:03 GMT)