The phrase "sell in May and go away" may be a catchy Wall Street maxim, but in truth, indecisiveness appears to be the most decisive May trend of recent years. That's continuing this year, with U.S. stocks now up for two straight sessions following four consecutive days of weakness to begin the month.
Investors will have several economic reports to consider in the day ahead, though none are expected to be particularly impactful. The National Federation of Independent Business will be out with its April reading of small business sentiment, while the government releases its latest data on import and export prices at 8:30am ET.
March wholesale trade figures are out at 10am ET, with economists looking for a 1.0% increase in inventories, unchanged from the February increase. Fed governor Elizabeth Duke and Richmond Fed President Jeffrey Lacker have separate speaking engagements today, though only Lacker's talk specifically addresses the U.S. economic outlook.
The Treasury will sell $32 billion in 3-year notes today, with the results of that auction to be available shortly after 1pm ET.
Dean Foods (DF) and International Flavors (IFF) are among the companies set to release earnings this morning, as earnings season winds down. Dow component Walt Disney (DIS) will have the day's most notable earnings report, when it releases its quarterly numbers after the closing bell.
Videogame maker Activision Blizzard (ATVI) is among our stocks to watch today, as its quarterly results beat estimates. The company's current quarter outlook is below Wall Street consensus, but it's also upped its full year forecast. We'll also watch shares of car rental firm Dollar Thrifty (DTG) as shareholder York Capital ups its stake to 17.2% from 14.5%.
Sotheby (BID) could see some selling pressure as its first quarter profit comes in below estimates. And Toyota (TM) is denying a Nikkei report that its output would return to pre-earthquake levels two to three months sooner than expected.
Multiple reports say Microsoft (MSFT) is near a deal to buy Skype Technologies for $8.5 billion. Google (GOOG) has confirmed to CNBC that it will announce a new online music service this morning, with full details to be announced later today.
In the currency markets this morning, the euro has been volatile amid conflicting reports about a Greece aid package. Greece is denying an earlier Dow Jones report that it expects a new aid package of nearly $86 billion dollars.