S&P futures vs fair value: +2.1. Nasdaq futures vs fair value: +2.0

The S&P 500 futures are still trading above fair value, implying large-cap stocks may take another crack at closing the benchmark index in record territory after two unsuccessful attempts.

Aside from the absence of potentially troubling economic data scheduled this morning and more deal making, some encouraging earnings news is also in the spotlight. Medtronic (MDT) is up 4% in pre-market action after posting an upside Q4 surprise last night while Target (TGT) just reported, also topping expectations.