It is possible, and common in informal writing, to use 's as a contraction of "is" after almost any noun ("the man's walking towards us", "the road's closed", "the train's leaving now", etc. etc.) This reflects the usual conversational pronunciation in such situations, where one doesn't fully articulate the word "is" unless one is emphasising it.
There are a few cases, such as nouns whose singular ends in an "s" sound, where 's seems a bit awkward. For example, I would not write "the bass's too loud" {"bass" = bass guitar).