Barring a major selloff in the month's final two weeks, investors clearly have not "sold in May and gone away". The major averages are coming off their fourth consecutive week of gains, with the Dow and S&P 500 at record highs once again and the S&P having chalked up 17 gains in 21 sessions.
There are no economic releases on the calendar to begin the week, although later in the week we'll be getting the latest FOMC minutes, data on new and existing home sales, and the latest number on jobless claims and durable goods orders.
Chicago Federal Reserve President Charles Evans has a 1 p.m. ET speech today on the state of the economy, amid closer scrutiny by the markets of Fed-related comments for any signs of when the central bank might begin exiting its current accommodative monetary policy.
Campbell Soup (CPB) is one of the few companies of note out with quarterly earnings this morning, while after the bell releases include the latest numbers from TiVo (TIVO) and Urban Outfitters (URBN).
Yahoo (YHOO) leads our list of stocks to watch, with sources telling CNBC the company's board has approved a deal to buy blogging service Tumblr for $1.1 billion. Yahoo would not immediately confirm the deal, saying it does not comment on rumors or speculation, but does have a media event scheduled for later today.
Boeing (BA) 787 jets will return to service for United Airlines (UAL) today, four months after being grounded for battery problems.
Elan (ELN) has struck several deals as it continues to fend off a $5.7 billion takeover bid from U.S. based investor Royalty Pharma. Elan has bought two privately held drug makers, is spinning off an experimental Alzheimer's treatment into a private company, and is buying back more shares.
Acquity Group (AQ) will be acquired by Accenture (ACN) For $13 per share in cash, more than double Acquity's Fridayi closing price. Accenture, a major U.S. consulting firm, wants to expand its digital marketing services.