European stocks are trading at multi-year highs and the news flow from overseas continues to be positive.
Greece announced it will pay 450 million euros to the International Monetary Fund today, meeting loan payments at its deadline and removing the pressure of near-term default. While Greece still has long-term issues, the markets breathed a sigh of relief as near-term crisis has been avoided.
U.S. markets are still digesting the Fed commentary from their March FOMC meeting released yesterday, where it was clear that an interest-rate hike remains on the table for later this year. Many investors now think even a June hike is again possible.
Alcoa (AA) kicked off earnings season last night and the stock is slumping before hours on guidance concerns. (Jim Cramer likes what he sees for industrials as a group, though.)
In tech news, Samsung said its new Galaxy S6 phones are flying off the shelf as the company has seen record shipment and may not be able to fill all the demand for its curved-edge version due to manufacturing constraints.
M&A action in the pharma space continues to be red hot with Mylan's (MYL) $29 billion bid for generic drugmaker Perrigo (PRGO) yesterday.
Today's calendar is chock full of economic news. Initial jobless claims will be released at 8:30 a.m. ET, with expectations looking for 283,000, Wholesale trade numbers are at 10, with consensus at 0.2%, EIA Natural Gas Inventory are at 10:30. And ECB President Mario Draghi is giving a speech at 11 am that will attract investor interest.