Stocks Have Gone From Red To Green

The Dow is up 13 points, the S&P 500 is up 5 points, and the Nasdaq is up 14 points.

Futures were lower overnight, as the destabilizing situation in Iraq and renewed tensions in Ukraine spooked investors.

In Japan, the Nikkei lost 1% overnight. In Europe, stocks are lower across the board with the steepest losses coming from markets in Spain and Italy.

On the economic data front, the New York Fed's Empire State Manufacturing Survey came in at 19.28, topping expectations for a 15.0.

The Federal Reserve's industrial production report said production climbed 0.6% in May. Economists were expected growth of 0.5%.

And a reminder: its also a Fed week. The Fed's June meeting starting tomorrow and its latest monetary policy announcement expected at 2:00 pm ET on Wednesday, followed by a press conference from Fed Chair Janet Yellen at 2:30.

In corporate news, its another Merger Monday, headlined by medical device maker Medtronic buying Ireland-based Covidien in a $43 billion mega deal. As part of the acquisition, Medtronic will move its headquarters to Ireland in a "tax inversion," a controversial corporate tactic that U.S. lawmakers have been seeking to stop.

Shares of Covidien are up 22% following the announcement while Medtronic shares are lower by about 1%.

Williams Companies announced plans to merge with Access Midstream Partners in a deal worth about $6 billion. Shares of Williams are up 19% following the announcement, while Access Midstream shares are down 1.1%.

A Bloomberg report said Siemens is preparing a roughly $5.4 billion bid for France-based Alstom's gas turbines unit.