Monday was a volatile session for U.S. stocks and the broader market averages closed 0.15% to 0.25% higher. Industrial names led the way higher, while telecom stocks lagged. Elsewhere, the yield on the benchmark 10-year U.S Treasury gained 5.8 basis points, to 2.179%.
Merger Monday was the theme of the day, highlighted by Intel's (INTC) agreement to purchase Altera (ALTR) for $16.7 billion in cash. While the move had been speculated about for some time, Altera moved nearly 6% higher on the session, while Intel moved fractionally lower. In addition, chemical producer OM Group (OMG) jumped 28% after receiving a $1 billion takeover bid from a private equity firm.
Elsewhere, ImmunoGen (IMGN) gained 72% after presenting positive, early-stage clinical data for an ovarian cancer treatment at the American Society of Clinical Oncology (ASCO) meeting over the weekend.
In after-hours action, PVH Corp. (PVH) is up 4% on a higher earnings outlook.
Looking ahead to Tuesday morning, Dollar General (DG) and Medtronic (MDT) headline the earnings calendar.