With the earnings agenda nearly empty, investors will pay close attention for any other intermittent announcements about energy prices and their impact on profitability.

The market will get a reading of price increases on Friday when the Commerce Department reports the personal income and spending data for April.

Elsewhere on the economic calendar are Thursday's reports on weekly jobless claims and the second reading of first-quarter gross domestic product. The first GDP reading showed the economy grew at a slightly stronger pace than forecast.