Stocks: Sell in May? No way!

S&P futures 2014 05 13
Click chart for in-depth premarket data.

The "sell in May and go away" market refrain doesn't seem to apply this year as stocks continue to push into record territory.

U.S. stock futures were inching up Tuesday ahead of the opening bell.

The Dow Jones industrial average and the S&P 500 closed at record highs Monday, and the Nasdaq climbed by about 1.8%.

Meanwhile, economic releases could affect investor sentiment. The U.S. Census Bureau will report April retail sales at 8:30 a.m. ET. At the same time, the Bureau of Labor Statistics will release import and export price data.

It's expected to be a relatively quiet day on the earnings front. Fossil (FOSL) will report earnings after the closing bell. Big retailers such as Wal-Mart (WMT) and Macy's (M) will be reporting later in the week.

Related: Fear & Greed Index

Shares of DirecTV (DTV) were surging by roughly 5% in premarket on reports that AT&T (T) may make a bid to buy the company.

Shares in Airbus (EADSF) were rising by 5% in Europe after the firm reported better-than-expected quarterly results.

Investors will also be focusing on developments in the pharmaceutical industry Tuesday. The American drug maker Pfizer (PFE) wants to buy Britain's AstraZeneca (AZN) and both CEOs will appear before a U.K. parliamentary committee to answer questions about the potential takeover.

Related: CNNMoney's Tech30

In Asia, India's benchmark Mumbai Sensex index surged to a record high Tuesday after election exit polls indicated that voters will deliver a mandate to Narendra Modi and the pro-business Bharatiya Janata Party.

Most other regional markets ended with gains. The Nikkei in Japan jumped by 2%.

All European markets were rising in morning trading. Germany's Dax index was making the biggest advance, up by 0.8%

CNNMoney Sponsors