NEW YORK ( TheStreet) -- Merger Monday was delayed due to the holiday weekend. But mergers would not wait for another week as Charter Communications (CHTR) announced that it would buy Time Warner Cable (TWC) in a deal valued at $78.7 billion, as the second and third largest domestic cable operators attempt to combine to take on industry front runner Comcast (CMCSA).
Meanwhile, the euro continues to fall, along with European stocks, pushing the dollar to a one-month high, reversing its recent weakness. The euro sank due to continued consternation over the Greek debt crisis and because of jitters caused by strong inroads made over the weekend in Spanish elections by anti-austerity parties.
U.S. stock index futures indicate a weaker open as the market is set to be hit by a series of economic data this week. A speech on Friday by Federal Reserve chairman Janet Yellen left investors convinced a rate hike has been pushed out until at least September if not December based on wavering domestic economic health, as demonstrated in recent economic reports.
On Monday, Fed vice-chairman Stanley Fischer commented that there was too much emphasis being placed on the Fed' first interest rate hike as the process to return to normalized levels will take years.
Continued stimulus efforts announced over the weekend in China has a positive effect on the Shanghai composite which closed up 2% on the news.
Earnings reports of note today include AutoZone (AZO), Nimble Storage (NMBL), TiVo (TIVO), and Workday (WDAY).
All eyes will continue to be on domestic economic reports as investors try to game the next Fed interest rate hike.